Disclaimer:If you are primarily interested in copying other people’s trades then this is not for you. However, if you are willing to put in the work that it takes to learn how to trade for yourself then you have found the right place! Nevertheless please be advised that you can give 10 people a profitable trading strategy and only 1-2 of them will be able to succeed long term. If you fall into the majority that tries and fails then I assume no responsibility for your losses. What you do with your $ is your business, what I do with my $ is my business.
Sawcruhteez Strategies: | | |
Consensio: 4h is bearish. D is bearish. W is bullish.
Patterns: Head & Shoulders with $7,600 target. Bear flag with $8,660 target Horizontals: S: $9,400 | $9,100 and $8,600. First two areas of support look ready to breakdown. R: $9,600 | $9,800 and $10,000 Trendline: Bull TL violated two weeks ago Lucid SAR: If looking for SAR based on Welles Wilder’s original calculations then use “Lucid SAR” on Trading View. Broke 4h bear SAR. Futures Curve: Contango with 1.37% spread Funding Rates: Longs pay 0.01% TD’ Sequential: Daily R6. Weekly R1. Ichimoku Cloud: Weekly C Clamp with strong support at $7,600 and $6,500. Coppock Curve: Rolled over on the weekly. Average Directional Index: Weekly rolled over. Daily crossing 0 with -DI above +DI. Price Action: 24h: +0.46% | 2w: -7.09% 1m: -4.53%
Summary: In the I called for $8,500 based on the bear flag, death cross with 50 and 200 EMA’s, parallel channel and prior horizontal resistance.
I have amended that to $7,600 due to the head and shoulders that is illustrated in this post. The chart below shows the path that I think it will take.
I am still short from $10,330. I trimmed 10% of that position at $9,500 and moved the stop loss to breakeven. Now I am going to let the rest ride, hopefully down to my target of $7,500.
Basically all of my favorite indicators are showing significant short - medium term bearish signals:
Consensio on the Daily has turned bearish Weekly & Daily Lucid SARs are bearish Weekly ADX rolled over Weekly Coppock Curve rolled over Violated bull trendline Daily Ichimoku Cloud is bearish Weekly Ichimoku Cloud has a C Clamp Price action over the last 2w and 1m is down. Confirmed head and shoulders with $7,600 target Confirmed bear flag with $8,500 target
We just confirmed another bear flag with a $8,500 target on the 4h.
I’m not taking that signal because I am already short from a better price and am happy with my exposure. However the risk:reward is quite favorable. If I was looking to enter then I would strongly prefer shorting an alt. Most major alts recently had a death cross with the 50 and 200 Day EMA’s.
That tells me that Bitcoin is expected to make a short to medium term correction but alts are ready to re enter full blown bear markets. Therefore short something like ETH makes much more sense than shorting BTC.
After posting this I will be taking the RV out to the lake to join my friends for a bbq. Happy Labor Day!
ouch, thats gotta hurt getting it so wrong, better luck next time
Candle_Styx
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@LeoKim, not wrong at all. Just a little timing delay
cjkeefer24
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Neckline still in play
mickey_v
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Bitcoin is still undertaking correction without a doubt, would love to see ranging market in a tighter zone
JoshuaMcLean
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I think the macro trend is too strong to be short right here. This whole bull market has been made on the back of short coverings. I feel painting this massive descending triangle is the perfect bait to rekt more shorts.
FIATwatS
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enjoy the holiday and some coors lights SAw! Thanks for your amazing TA and sharing your wisdom. Dont sweat the trolls like @alpy07, means your doing something right! take it as a compliment