The last 4h closed candle is clearly a bearish sign, add this to a bearish DIV clearly visible on RSI, OBV, CCI and the picture is clear. Moreover VLPR shows there isn't much price action at this level, probably because we're very close to a psychological price (50k).
I think the retracement should stop around VLPR's control line which is pretty close to 0.618 Fib level, a good one for a bounce back. However don't sleep on the 0.5 one, I'd short until 47.2K, an easy target with relative low risks. Off course the stop loss is mandatory whey you shorts, set your SL at 49.4k, I think it's decent deal with a Risk/reward ratio of 3 which is the minimum required.
Good luck
I think the retracement should stop around VLPR's control line which is pretty close to 0.618 Fib level, a good one for a bounce back. However don't sleep on the 0.5 one, I'd short until 47.2K, an easy target with relative low risks. Off course the stop loss is mandatory whey you shorts, set your SL at 49.4k, I think it's decent deal with a Risk/reward ratio of 3 which is the minimum required.
Good luck
Comment:
my stop loss triggered so if I was wrong you're safe but I feel like BTC still has to go down again before pumping.... I don't know, what's your take guys?
Comment:
Sooner or later DIVs play out, my call was "too early" but correct as BTC it's retracing right now. That's why I always use stop loss for shorts. I hope I'll time it better next time.