Bitcoin is about to destroy the longs!

1 Şub 2023

Hello, everyone!

Yesterday we had the long trade which brought us the very small profit. I closed the trade manually because price has broken down the low of the bearish reversal bar. You can find this moment in the previous idea’s update. Today we have the potential short trade setup with the very tight stop loss.

1h time frame of the BTCUSDT chart is showing us that the yestrday’s pump is likely has been ended. First of all, the Awesome Oscillator shows the decreasing momentum which means that bears took control in their paws. Also we have the fractal level at $22919, if Bitcoin price will break this level I am going to execute the short trade with the stop loss at $23173 becuase the second up fractal is placed there. The profit target I chose randomly.

Using the classical technical analysis we can see the triangle pattern which has been broken to the downside. This is not reliable sign for me, but it’s also the bearish sign.

Best regards, Ivan

________________________________________________________________________________________________
If you like my trade ideas, please smash the boost button to stimulate me make more quality analytics!