Tradesy1

BITCOIN: TIme to Hedge

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Perfect Bearish Deep Crab adding confluence to the 1H Bearish Gartley .

Using the 224% BC projection for entry offers a great short hedge which is now risk free.
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Comments

the big q is where are we heading to? Short term drop or visiting even the 20k over new year? Well let's see what the heaven has to offer us..
+1 Reply
Tradesy1 Lobotto
@Lobotto,

In general, price breaking below a bearish pattern is the completion point for the pattern. For the Deep Crab that would be 23021.76 and for the Gartley that would be 22600.

Should price reach these levels there will be further patterns painted to guide the way beyond that.
Reply
Tradesy1 Tradesy1
@Tradesy1,

This Bullish Bat completed once price broke above the pattern ...

Reply
Wreck soon
Reply
Tradesy1 Bullgod7
@Bullgod7,

It's a hedge to cover long profits.
Reply
Bullgod7 Tradesy1
@Tradesy1, well i guess you ate your own profits
Reply
Tradesy1 Bullgod7
@Bullgod7,

A hedge protects your profits, closing 50% at 2R makes the hedge risk free. When price hit the stop, profit secured on the hedge was 0.5R with the long still running.

That's 0.5R more profit compared to someone who did not hedge.
Reply
Tradesy1 Bullgod7
@Bullgod7,

Entry, Stop and Target for the "Wreck soon" trade?

Or is accountability not in your portfolio?
Reply
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