Bitcoin Setup

I've shorted Bitcoin at 4,360, 88.6% pullback "bearish bat", looking to unwind near 3,490's "bullish bat".

The setup is invalid on a break above the prior high 4,430 so I'll take off 25% to better my entry price on a move lower from here see first target box in chart.

Looking to then get long for a move into or near 5k but will need to see price action near my downside target before committing to a position.

Regards

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Looking further out, if this setup fails to hold under the 4430's I'm going to consider hedging a loss rather than using an outright stop as I would like to see how price reacts near the resistance level shown in the chart for a possible bullish shark setup.

If price rallies through even the top level of that then it's pretty much a straight shot to 5k from there.

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Quick Update;

Still holding short, no hedge, new setup in the chart below. Still 3400's region target.

Because I held through the last rally and I'm "slightly" updating my strategy I needed to cove 40% of my position to better my entry point as my new exit is the last high "4,292" so I covered on the last break of 4,300.

Holding 60% short.

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50-Back Hit.

10% Covered, Stops Moved To Break Even.

50% Left.

Choo Choo

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Eyes on the weekly pivot, do or die for the bulls. #LineInTheSand

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25% covered 25% left

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Only a Daily Close above 3950/4k, retake of the channel will warrant a change of bias for a larger move up.

It's all about follow through and momo, best to stay patient into this bounce and see what the market has for us.

Trade closed manually:

Closed my last 25% short on the pullback to 4k. Big move up brewing in BTC don't want to miss this train.

Choo Choo

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Going to get interesting from here on

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