Decided to do a little follow up on my previous idea (below, under "Related ideas"). It took longer than expected but we finally seem to be getting that downside move. 12h time - frame says it the best here really:
1. my MAs are having a nearly perfect sell signal
2. structure on the lower time - frames has been clearly broken
3. 9350 is the key pivot here, yesterday we closed below it and so far we are pushing off of it
4. when it comes to bitmex funding longs are STILL paying shorts and I imagine sooner or later a lot of the people are going to get either stopped out or are going to close their positions which could lead into a absolutely nasty sell off
5. I could go on and on..
As far as targets go I am looking toward the white rectangle and the 0.618 retracement. What I would really like to see is for PA to take out the lows of that whole consolidation around the 8k region and quickly go back up - that would imply a liquidity run for the bigger players to fill in their longs to ultimately send BTC to 11k and beyond.
As always, nothing is guaranteed, have a SL and don´t be stupid.
Feel free to follow me on Twitter as I post a lot of quality stuff there:
twitter.com/mansasuma
Take care.
1. my MAs are having a nearly perfect sell signal
2. structure on the lower time - frames has been clearly broken
3. 9350 is the key pivot here, yesterday we closed below it and so far we are pushing off of it
4. when it comes to bitmex funding longs are STILL paying shorts and I imagine sooner or later a lot of the people are going to get either stopped out or are going to close their positions which could lead into a absolutely nasty sell off
5. I could go on and on..
As far as targets go I am looking toward the white rectangle and the 0.618 retracement. What I would really like to see is for PA to take out the lows of that whole consolidation around the 8k region and quickly go back up - that would imply a liquidity run for the bigger players to fill in their longs to ultimately send BTC to 11k and beyond.
As always, nothing is guaranteed, have a SL and don´t be stupid.
Feel free to follow me on Twitter as I post a lot of quality stuff there:
twitter.com/mansasuma
Take care.
Trade closed manually:
Trade closed with a decent profit, I´m not seeing the signs of weakness I would expect to see, lower tfs actually look like they want to test some upside here. Will look to reenter if an opportunity presents itself.
Comment:
We finally got that down move after all, managed to reenter with a short at 9160 and already closed it at a 51% profit. While we may go lower, we are sitting right at a weekly bullish orderblock, which is why I am happy to take profits and move on to the next trade.
Trade closed: target reached
