Fontas

Lower highs indicative of Bitcoin downtrend.

Short
OKEX:BTCUSD3M   BTCUSD Futures Contract 26 Mar 2021
Bitcoin has completed a euphoric run to 860(OKCoin futures ) but has yet to complete a capitulation reversal from that high.

Given the lower highs in succession this may finally be the capitulation from the local high in June.

Targets are 557 and 502, important levels. Stop loss for the trade 674, local high. Time loss Sept 6 2016

Position size max 7% of portfolio. Conditions are not perfect but this is tradeable.
Trade closed: target reached: Trade complete. Perfect profit
Comment: This trade profited much faster than expected. Volume setup was supposed to push this down over 3 weeks. But Bitfinex hack accelerated the drop.

Comments

Need a long period of consolidation at the bottom otherwise it'll just be a long drawn out dead cat bounce imo
+1 Reply
Fontas Galvin
consolidated for a month. good call
Reply
Galvin Fontas
Well it consolidated, just not where I think it would. But god that was painful, nearly got wiped out on the pop. but if it goes up to 700 at least I make it all back and then some.
Reply
I love your use of language as well as the graphical illustration, but for a BTC newbie this is all greek!
Will watch your posts though, would love to learn how to read the analysis and act on it
+1 Reply
A+
+1 Reply
omeezy omeezy
great analysis; i think it'll bottom at 4000~ CNY (604$~ USD); id ahh all long 20x the bottom of this knife but ima scrub
keep up the good work!
Reply
Fontas omeezy
Thanks
Reply
omeezy Fontas
fontas called the dump before finex was "hacked" which the media explains why btc dumped; such shenanigans, stick f-ing call man
+1 Reply
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