BTC Trading Diaries #4: Trading the trend

BTCUSDT.P

Downward trend is strong, we follow, no obvious reason why it should reverse at this point.

We enter at the 0.5 fib level, which is where the previous supply zone was. (Can see better on the 15min chart).

Profit target to the base of the previous upwards movements, safe level as the major historical demand zone is lower than this.

Trade closed manually:

We safely exit the trade, as the market is no longer trending.

Wait to see what happens in consolidation and prepare for the next move.