Anticipating a LTF trend reversal from bull to bear after price reaches the last 2 strong fib levels of 27k (.66 and .5) and 27.8k (.3 and .786).
In addition to the formation of a bear flag, once price hits the PRZ there are more attractive levels below than above, making it likely price will start to move to the downside into the key support zone.
My ideal short entry is 27.6k with SL set at 28.6k.
In addition to the formation of a bear flag, once price hits the PRZ there are more attractive levels below than above, making it likely price will start to move to the downside into the key support zone.
My ideal short entry is 27.6k with SL set at 28.6k.
Trade active:
Short opened at 27.6k. Will add to position at 27.8k.
Trade active:
Unfortunately, since I've been traveling internationally, I haven't had time to chart in over a week, but since we're approaching the PRZ (24.6k - 25.3k), I thought I'd provide an update. I won't have time to trade this PRZ and while I believe we will get a reaction there, I have reason to believe price can go MUCH lower, so I won't be closing my short at the PRZ and will instead just TP1 and move my SL to entry.
Hope to get some chart time in the next few days and provide updated analysis/targets.
Hope to get some chart time in the next few days and provide updated analysis/targets.
Trade closed: target reached:
Been busy, so a bit late in updating this trade, but I gotta record the win on this perfect win :-)
These levels are high liquidity levels that tend to attract BTC (like a magnet).