texagg22
Short

BTC Rejection (again) at .786 Fib -short 12 to 1 Risk Reward

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Bitcoin has been rejected 3 days in a row at the .786 fib, couple this with declining uptrend volume and hidden bear divergence on the daily time frame and I say we have a recipe for a short...

Target- 5200

Stop Loss- 6676

Entry- now

R/R- 12ish to 1.

Good luck and God bless
Comment: For clarity the reason I put my stop loss at 6676 is because this is where the .786 fib line is and I do not believe we will close are large candle obve that area aka daily . If we did close above this like I would close my short and wait to see what market does.
Comment: Please excuse the insane typos in the above post I am typing and driving (not safe don’t do it). :)
Comment: The Bear has Crabs? ...another thing to keep an eye on :) excuse me please

Comment: Possible expanding wedge?
Comment: Well for those of you who chose to re-enter after stop loss was triggered (weird how this always happens lol) you are now in profit. I did in fact re enter with a litter taller stop loss and am now holding the short and adding small amounts on bounces. Personally my first target is around 5200 to complete are expanding megaphone pattern
Comment: Ok traders, we are still targeting "E" at or around 5200 to complete teh expanding wedge which will lead to a very importannt choice for bitcoin...a break out or breakdown from the wedge? Anyways, I really have nothing to add as we are already in a position and now just waiting however I would advise those of you who wish to lock in profits to move SL down to 6500, I personally have moved my SL to break even and am waiting for a deeper retrace. If we rocket up and I break even I will not be sad as my R/R is sky high on this trade. I hope everyone is well and I would like to apologize for my spotty updates. I have a young child and he requires much from me and his momma. As always I will answer any questions anyone has to the best of my ability. I also want you guys to know that I am trying to let my ideas play out before I publish a new one (unless I see something really eye popping). Please feel free to PM me with any feed back you guys have and let me know if you are still recieving the kind of content that you want from my charts. I wish you all the best.


Red Boar
Comment: in an effort to be fully transparent I was stopped out of my short, in heavy profit, at 6200. I am now waiting to see how this plays out over the next few days. If I see a healthy short oppurtunity later I will enter but for now the price action is wild and I am going to stay on sidelines and observe for a bit. This was a crazy wild ride and I was truly hoping we could punch to a new low and I STILL think we can and could in a heartbeat...But i took profit and will wait now. All the best,

Red Boar

Comments

Can you explain your selection of stop loss? So you assume price above 6670ish means another leg up is probable?
+1 Reply
did you hit stop loss?
Reply
texagg22 kenskarlin
@kenskarlin, yes lol but re entering now...scaling in
Reply
erfrerd texagg22
@texagg22, why are you re entering (you mean buying more bitcoin?) when volume is low which is a sign of a short-lived rally?
Reply
texagg22 erfrerd
@erfrerd, no I was talking abou re entering my short lol
Reply
god bless
+1 Reply
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