Short position opened with most recent failed swing high at $9800 and added with the previous 4hr close below major daily structure support at $9400. Being more conservative with this trade compared to ETH so a strong close above $9600 will cancel out the following analysis. If BTC gets a close below the strong trend line shown (labeled "1") I will add, conservatively, to my short and look for initial TP around $8900-9000. A bounce up and rejection at the same trend line will provide a confirmation and more liberal opportunity to add once again to my short with the next TP looking to wick down and hit $8800 but be bought up resulting in a double bottom around $8900-9000. If there is a convincing double bottom here this may be the last opportunity for a decent entry before the next major run up. However, a strong close below $8700-8600 will be concerning as this may be signs of overall market reversal. I am not looking for a reversal on the macro level and am still overall bullish until that strong break and close below $8600 but am riding a nice short for the time being. As always remember the best risk management strategies guide you to scale into and out of positions instead of all at once.
Trade active:
Initial TP hit and 20% of position closed. Waiting to see if we get a close below this major trend line or a bounce back up to the $9400 area before dropping back down.