nativetulip087

Convergence of .702 and 21W EMA - Shorts Validated

Short
BINANCE:BTCUSDT   Bitcoin / TetherUS
After a significant move to the upside, thanks to short liquidations, BTC:USDT finds itself struggling to break various significant milestones.

A retracement of the current local high ~$40,500 has broadened resistance levels, and enabled the convergence of the .702 and 21W EMA .

This convergence is expected to pose extremely strong resistance.

We can therefore expect a front run of shorts around the .786/.702/.618, causing us to place our short limit @ $38,840 (just below the .618).

Unfortunately, this front run drastically decreases our R/R, yet a clean set-up is illustrated for this scalp.

Levels:
Limit Entry: $38,840
Stop Loss: $39,780
Take Profit: $36,500

Shorts Valid.

Comments

Stop loss triggered = - 2.42%
Logic stands, looking for entry around $42,000.
+1 Reply