BTC Retracement - Short Trade
Entry: $38735.57
TP & RR: $32983.12 (3.38)
Stop Loss: $40435.15
REASONS FOR THE TRADE
BTC has finally started to show some weakness (as hard to believe as this may be), so I am expecting the price to retrace back to the 0.236 level and then continue with the downtrend to at least 1.618 Fib Level, which also aligns with the CME gap between $24,800 and $26,200. The Market Flow indicator is still printing strength, which is understandable, as we are expecting the price to continue trending up.
In terms of the Stop Loss, I leave this to you. My SL is reasonably above the Fib level, but it doesn't mean that it can't get hit. It's just unlikely. In any case, I will be following this level and may adjust it accordingly.
Entry: $38735.57
TP & RR: $32983.12 (3.38)
Stop Loss: $40435.15
REASONS FOR THE TRADE
BTC has finally started to show some weakness (as hard to believe as this may be), so I am expecting the price to retrace back to the 0.236 level and then continue with the downtrend to at least 1.618 Fib Level, which also aligns with the CME gap between $24,800 and $26,200. The Market Flow indicator is still printing strength, which is understandable, as we are expecting the price to continue trending up.
In terms of the Stop Loss, I leave this to you. My SL is reasonably above the Fib level, but it doesn't mean that it can't get hit. It's just unlikely. In any case, I will be following this level and may adjust it accordingly.