Radzieoon

Perfect short at 8600-9000

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We're still in a bear market and there are multiple resistances at 8600-9000. At 8560-8600 there are 50 day MA and major resistance trendline (log). At 9k we have TD setup resistance line and 0.786 fibonacci from 20-6k movement. Moreover we're on 7 of 9 in TD (Tone Vays ver.), so I expect the price to reverse in 0-2 days from now at 8-9k price range. There are few supports but they are scattered and not defined enough to be important, so I think this will be quite smooth downside movement to the 6k in ~9-12 days from now. The 6k shall not hold this time, but the first targets to take profits are ~6-7k.
Short entry 8.6-9k, don't overleverage.
The first bigger support I can see for mid term is 0.236 fibonacci at 4.8k (1.3-20k movement) to 4970 resistance line.
Comment: Looks like the market chose and we're on a good way for the first short entry at ~8.6k. Another one is at 9k. I'd put a SL at ~9.2.
Trade active: Unfortunately it didn't hit the price target of ~8.6, but reversed from ~8.3-8.4. However I've put some amount in short after todays small pump to ~8.1, because TD showed perfected TD sell setup. The recent fall to ~7870 turned the candle to the red 1, so that's some confirmation of correction/downtrend. On the other hand I can see overall positive community sentiment, so I find the reverse to the upside at ~7.5-7.6 to be possible.
Comment: I'm also going to take some profit around ~7.6.
Comment: After the reverse to 8.1 BTC turned completely neutral. I still think 8.6-9.0 will not be breachable though.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.