Short-term SHORTING Opportunity!

25 февр. 2020 г.

Short position opened with most recent failed swing high at $9800 and added with the previous 4hr close below major daily structure support at $9400. Being more conservative with this trade compared to ETH so a strong close above $9600 will cancel out the following analysis. If BTC gets a close below the strong trend line shown (labeled "1") I will add, conservatively, to my short and look for initial TP around $8900-9000. A bounce up and rejection at the same trend line will provide a confirmation and more liberal opportunity to add once again to my short with the next TP looking to wick down and hit $8800 but be bought up resulting in a double bottom around $8900-9000. If there is a convincing double bottom here this may be the last opportunity for a decent entry before the next major run up. However, a strong close below $8700-8600 will be concerning as this may be signs of overall market reversal. I am not looking for a reversal on the macro level and am still overall bullish until that strong break and close below $8600 but am riding a nice short for the time being. As always remember the best risk management strategies guide you to scale into and out of positions instead of all at once.

26 февр. 2020 г.

Сделка активна

Initial TP hit and 20% of position closed. Waiting to see if we get a close below this major trend line or a bounce back up to the $9400 area before dropping back down.