Hi folks, I’m going to keep this one short and simple.
- There is this big rising wedge on Bitcoin that can be easily seen on the 12 hour time frame.
- Price is also at a critical resistance zone where I expect distribution.
- Bearish divergence can be seen on RSI and MACD.
- Market sentiment is starting to get overly bullish which typically leads to a correction.
I am looking to short from here with a stop loss just above 10,000.
1st target is at the 0.236 fib (around $9,000) but I am anticipating further retracement.
As you know I have been bullish since $6,500 and made the perfect call to go long in previous ideas seen below. I am still very bullish on the long term and I am prepared to close out my shorts as soon as it appears the downside is over.
Previous ideas:
- There is this big rising wedge on Bitcoin that can be easily seen on the 12 hour time frame.
- Price is also at a critical resistance zone where I expect distribution.
- Bearish divergence can be seen on RSI and MACD.
- Market sentiment is starting to get overly bullish which typically leads to a correction.
I am looking to short from here with a stop loss just above 10,000.
1st target is at the 0.236 fib (around $9,000) but I am anticipating further retracement.
As you know I have been bullish since $6,500 and made the perfect call to go long in previous ideas seen below. I am still very bullish on the long term and I am prepared to close out my shorts as soon as it appears the downside is over.
Previous ideas:
Trade closed: stop reached:
Price broke above trend line, invalidating the rising wedge. Bitcoin is just too bullish right now having broke 10k. I'm still long from my previous BTC ideas, but this shorting scalp is stopped out for now