Entire crpyto market crashed in 3/12-13, consolidated for 3-4 days, bull break, hit major resistance on 6.9K. Drop out of up trend line, retest 6.4K, bear break.
Now stock market is about to open the new week for western world. Needless to say the virus spreading is still holding confidence low of entire market.
Crypto is NOT separated from traditional market (yet). BTC with all moving averages of 1H, 4H, 8H, 1D, 1W time frames all trending downward, crypto market is ready for another volatile week. Especially for altcoins (e.g. LTC), when BTC drop, altcoins tend to drop more (see BTC.D). I think It's time to see some short opportunities.
Looking downward, next support for BTC is 5.4K then 4.8K.
Looking upward, resistance is 6.4K then 6.9K.
The risk reward is NOT good for shorting trade, but external environment factor is very clear to me, so I think there is an asymmetrical chance of price moving down. That's what this trade is all about.
Now stock market is about to open the new week for western world. Needless to say the virus spreading is still holding confidence low of entire market.
Crypto is NOT separated from traditional market (yet). BTC with all moving averages of 1H, 4H, 8H, 1D, 1W time frames all trending downward, crypto market is ready for another volatile week. Especially for altcoins (e.g. LTC), when BTC drop, altcoins tend to drop more (see BTC.D). I think It's time to see some short opportunities.
Looking downward, next support for BTC is 5.4K then 4.8K.
Looking upward, resistance is 6.4K then 6.9K.
The risk reward is NOT good for shorting trade, but external environment factor is very clear to me, so I think there is an asymmetrical chance of price moving down. That's what this trade is all about.
Trade closed: stop reached:
Down trend failed, bull break. Trade stopt.