BTCUSD Short Idea - 26/05/20

FTX:BTCUSD   Bitcoin / U.S. Dollar
Please comment on my idea if you have any feedback and LIKE if you agree with the analysis.

Yesterday we 2 charts make significant moves
  • The 2 month trend in the upward channel broke to the down side
  • Confirmed a bounce off the 2 year trending pennant from the upper boundary

We are trending below the channel right now and am looking for
  • A bounce from the lower boundary of the channel to confirm it is flipped from support to resistance

Once it breaks down past this point a trade will be entered and this is only if we do not close above the top of the trading zone on the 1D chart.

My position will be a 5 x leveraged trade and will set the Stop Loss at the top of the trading zone

I will be looking at 2 key points
  • 8200 which is the previous local low to take profit
  • 6850 goal to end trade if we break through the 8200 level while adding to my position at the 8000 level (will also move the Stop Loss to 8200)

    The reason I am looking to close the trade at 6850 is because I am looking to validate an inverse head and shoulder pattern...and I am guessing this is why a lot of other people are looking at this value.
    If we do break well below this support I will ride it out as I think that is where we will be able to do a monster 4000 LONG...but this IMO has a low probability of happening.

    And please comment if you do have any feedback.

    Maintain or gain.

Comment: We have just touched the upper boundary of the trading zone. For this theory to hold we will need it to bounce and not go any higher.


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