BTCUSDT going down again? | Feb 3, 2022
BTUSDT is having hard time to go uptrend since Nov 2021. This pair has been in a long descending channel and seemed comfortable enough not to leave it.
Last week, BTCUSDT seemed eager to move up. But, there is a supply zone patiently waiting at 39k or just between 61.8% and 50% Fibonacci retracement. Surely it is very hard for this pair to move above the 61.8% area. In fact, we can see a lot of bearish confirmation within this supply zone, indicating that market movers have a lot of sell order waiting to be executed here.
I entered the short trade on Feb 2, 2022, 16:00 UTC, sell price at 37500. Stop loss is at 39500 (just above the 61.8% Fibonacci) and target profit is at 33450, resulting in Risk to Reward ratio of 1:2.
Last week, BTCUSDT seemed eager to move up. But, there is a supply zone patiently waiting at 39k or just between 61.8% and 50% Fibonacci retracement. Surely it is very hard for this pair to move above the 61.8% area. In fact, we can see a lot of bearish confirmation within this supply zone, indicating that market movers have a lot of sell order waiting to be executed here.
I entered the short trade on Feb 2, 2022, 16:00 UTC, sell price at 37500. Stop loss is at 39500 (just above the 61.8% Fibonacci) and target profit is at 33450, resulting in Risk to Reward ratio of 1:2.
Trade closed: stop reached:
Unexpected bullish moves! Prepare to look for buy position!