Upward Swing Back to 26k Not Far Away.
Hi Traders,
I have labeled this long but
WE ARE STILL BEARISH AT PRESENT, just giving the heads up for what I expect to play out and how to trade it (as I am).
We have just over 1day left on the weekly candle and given how price is moving at present we are on track for the new low 15.5k-16.8k within 24-36hours give or take.
Now we can identify the trap which we have been expecting to play out on the macro charts also in the technicals - a wild price swing (bull trap) back to the upper resistance line of the downward trend. Something like 25-27k over the course of 10-14days
Perfectly timed for a short lived 2 week pump and 12th September onwards back to more pain.
Now for trading, we are already in shorts from 21.5k or higher.
BUT if you are on the sidelines right now, you can look for a brief SL hunt back to $20'350 area and jump on then.
Please set some staggered Short TP targets in the 15.5-17.2k area as i expect the price action to move quite fast and if you happen to be asleep or away from the charts that moment could be missed.
LONGS
I will be getting on low leverage longs with SL in the 14.5k area once we hit the target short zone. If we do see what is needed technically for a bullish reversal we can up the leverage/capital allocated.
I will be sure to make a new post when that moment happens.
Good luck,
Asset Mastery
I have labeled this long but
WE ARE STILL BEARISH AT PRESENT, just giving the heads up for what I expect to play out and how to trade it (as I am).
We have just over 1day left on the weekly candle and given how price is moving at present we are on track for the new low 15.5k-16.8k within 24-36hours give or take.
Now we can identify the trap which we have been expecting to play out on the macro charts also in the technicals - a wild price swing (bull trap) back to the upper resistance line of the downward trend. Something like 25-27k over the course of 10-14days
Perfectly timed for a short lived 2 week pump and 12th September onwards back to more pain.
Now for trading, we are already in shorts from 21.5k or higher.
BUT if you are on the sidelines right now, you can look for a brief SL hunt back to $20'350 area and jump on then.
Please set some staggered Short TP targets in the 15.5-17.2k area as i expect the price action to move quite fast and if you happen to be asleep or away from the charts that moment could be missed.
LONGS
I will be getting on low leverage longs with SL in the 14.5k area once we hit the target short zone. If we do see what is needed technically for a bullish reversal we can up the leverage/capital allocated.
I will be sure to make a new post when that moment happens.
Good luck,
Asset Mastery