BTC has increased from $3500 to $4300 over the last week following on from the market crash we saw just the week before.
I'm anticipating more downwards momentum as we transition into a new week, typically BTC dumps on Mondays and I have no reason to believe this Monday will be any different.
All of my moving averages are resting on Bitcoins current market price as volatility decreases due to it being the weekend. RSI has created lower lows on the Hourly chart.
I'm currently short at $5600, and $4250 I will be looking to partially enter into a Long Hedge around $3600 and $2800, these will also be levels in which I will partially take profit on my short.
If price action decides to break upwards out of the descending channel Bitcoin is currently in there is a good opportunity for a long scalp to around $4700ish.
As always, remember to practice good risk management and join our discord to chat with other like-minded crypto traders discord.gg/J3fm4g
I'm anticipating more downwards momentum as we transition into a new week, typically BTC dumps on Mondays and I have no reason to believe this Monday will be any different.
All of my moving averages are resting on Bitcoins current market price as volatility decreases due to it being the weekend. RSI has created lower lows on the Hourly chart.
I'm currently short at $5600, and $4250 I will be looking to partially enter into a Long Hedge around $3600 and $2800, these will also be levels in which I will partially take profit on my short.
If price action decides to break upwards out of the descending channel Bitcoin is currently in there is a good opportunity for a long scalp to around $4700ish.
As always, remember to practice good risk management and join our discord to chat with other like-minded crypto traders discord.gg/J3fm4g
Комментарий:
Here is the breakdown as expected, potentially forming a bear pennant here. Be sure to watch for the level mentioned in the previous post and enjoy shorting!