Entry --> 10480
Stop Loss ---> 10650
Take Profit--> 9650
Risk/Reward --> 4.75
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This information is not a recommendation to buy or sell. It is to be used for educational purposes only. Please follow a proper risk management program when trading.
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BTCUSDT 4h: BEST level to SHORT 15% gains (SL/TP)(NEW)
IMPORTANT NOTE: speculative setup. do your own
due dill. use STOP LOSS. don't overleverage.
🔸 Summary and...
While Bitcoin is still within the range of a supportive inflection point (10,500 AREA), it is on the verge of generating a new SELL signal. Our swing trade strategy strictly prohibits shorts, so we have no intention of participating, but I will mention it since that is what the chart is presenting.
Things to look out for though: The broader trend has NOT changed....
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Longer term trends on Bitcoin (BTCUSD) point to more upside, but in the short term it looks like we could be gearing up a bearish "Bart." We currently are waiting for a short signal to confirm a short entry as a scalp short hedge play against the overall bullish trend.
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1....
The BTC price has increased significantly since reaching a low on March 13. The increase has taken the form of an ascending wedge, which is considered a bearish reversal pattern.
It is possible that the price continues to trade inside this wedge until it reaches the next resistance level at $7750. If so, we can outline a five wave Elliott formation that would...
Cleaned up the BTC.D chart, as I feel now that bitcoin dominance is in a consolidation phase along side BTC price action. The D1 BTC.D chart has a falling wedge that is right below the 200 ema.
I am almost 99% certain it will break up leading to another pump in dom & price of bitcoin.
68% will most likely take a few attempts B4 finally failing as BTC breaks up...
I will not be entering this short blind. will be waiting to see an hourly rejection of 6k before jumping in,.
I'ts very important to see whats going to happen at 6k, that's the liquidity pool to shake off shorters and early bulls, a fib level, and a big round number. That's a good amount of confluence. Painful to short something I love so much...im sorry bitcoin...
We are now at a major resistance for BTC. This is the level which held for months while BTC ran up from 14k and began its drop in June. This is a very important level to break. If we are unable to break it then I believe we have completed this EW count and will start another ABC down to 8500-8600 (estimate).
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* RSI confirmed breakout of important trend line from beginning of pump
* on last leg up volume was lower
* BTC forming descending triangle
* momentum is good
Target 1: 8820 close 20%
Target 2: 8680 close 20%
Target 3: 8580 close 20%
Target 4: 8460 close 20%
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