MannyJMoreno

BTC is positions for a pullback

Short
KRAKEN:XBTUSD   XBT / USD


Thought I would share my thoughts and analysis on BTC right now with all the excitement and buzz at the moment.

Trend Channel
Looking at the daily chart , a previous underlying trend seems to have resurfaced. As of this post, I feel that the previous resistance around the 14k range will force a pullback to the bottom of the channel.

RSI
Viewing the weekly, daily and 4hr chart shows that we are very much overbought. This makes me feel that soon the big whales will start dumping and we can get a head start with a quick short.


Conclusion
Based on these bare bones factors, I've decided to take a short position a little early. You may want to wait for the pullback to confirm.. I have more risk tolerance but do I have a stop loss in place and won't be disappointed if I miss the pullback with a stop loss trigger.

If there's a breakout at the bottom of the channel, then there's potential for some extra profits if you want to risk it.

I am not taking the news, election or anything else into account so this idea is purely my speculation so trade at your own risk.

This is not trading advice or professional strategy and analysis. I am only a trader by hobby and do it for entertainment.
As a beginner, I used to get completely overwhelmed by all of the information and indicators never really finding a starting point or knowing which information was correct.
So Please do your own due diligence, learn what all the other indicators mean, and absorb as much tutorial content you can.
Comment: 1hr charts are showing signs the the retracement is about to start.
Trade active: So after reviewing the daily chart again, as expected, the retracement has begun moving back after sideways movement all weekend.

I feel conifdent enough now so I have entered my short trade.
Comment:
Comment: So it looks like the retracement has quite played out as soon as I thought. I feel like the election might also be affecting movement. I still feel there will be a retracement. So I am keeping my trade open for now.
Trade closed: stop reached: Stop was reached awhile back... Decided to flip... New Idea coming...

Comments

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