Short BTC

I see evidence of distribution going on at current price levels

İşlem aktif

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Trade active at $8149

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Pennant may fly up for a bull trap at some point however so far so good.

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TP1 7745
TP2 7200
TP3 6700
TP4 6050

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Potential bounce zones to scalp

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Reminds me of my last trade. Buyer volume picking up already and divergence on lower timeframes. Took 20% profits at 7820

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Stoploss to breakeven now, as we have just hit the neckline of the inverse H&S, an area bulls will want to defend

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Sell volume still increasing. Taking another 30% profit at the 7200 support

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Took 30% profit at 7600 as this is a bounce zone

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Still expecting a lot more downside, however I expect a sharp bounce at the bottom so it is always good to hedge/take profit when reaching a bounce zone, you can always sell back at the top of the bounce

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Expecting a bounce to 7800 soon and will reshort using the 30% profit

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Looks like the bounce has hit the 38.2 and completed. Reshorting using the 30% profit I took with stop loss above 7900

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Moved stoploss on the short from 7800 to breakeven.

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Moved stop loss on the inital short to 7900 (in profit)

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So if you had moved the stop to 7900 you would've most likely gotten stopped out (in profit). This looks like a market maker shakeout, I am still bearish and will be looking to reshort.

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As stated earlier, the price could've flown up back into the pennant. I will remain bearish and think it is a bull trap however will wait for confirmation. This could've been a corrective elliot wave

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Waiting for the 4h candle to close. A close below 8000 is our signal to sell. Remain cautious and keep an eye out for increasing sell volume.

İşlem aktif:

Reopen this trade if the price hits 8225 (bitfinex), stoploss at 9006, target is the same.

İşlem elle kapatılmış:

Hidden bull on the 15 minute chart. This could get quite choppy however upside for bulls is limited. Keep stoploss at 9006

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I sense a bull trap coming. Theory will be invalidated if volume picks up on the break of 8600