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piccard54
Jun 5, 2023 10:12 AM

BITCOIN MAKES CLASSIC DEAD CAT BOUNCE Short

Bitcoin / TetherUSBinance

Description

As you can see in the chart, this is a very simple setup:

When we look at the big picture, we have a dead cat bounce breakout retest pattern.

As confirmation, we have a clear RSI bearish divergence and a descending triangle, which can be a good entry point.

As targets we have the clear support levels and we set an stop loss at the last swing high, so in case the price goes against the position, we protect our capital.

Sticking to ideas when proved wrong can be a very expensive mistake. Always be ready to change your mind.

Trade active

Going as planned,

I would consider adding to the position and moving the stop to entry.

Comments
EOW-TRADES
I dont think this will work, we have entered a daily demand zone, i expect buyers to come in heavily soon
ctdth1920
Not a viable idea. Better not write until you think you'll be laughed at.
piccard54
@ctdth1920, Could you explain why do you think that it's not a viable idea?

It's a setup with positive expectancy, of course, you never know what's going to happen.
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