BTC Trading Diaries #7: Trading the trend

7 Mar 2022

BTCUSDTPERP

After retracement/consolidation period is over, it is time to continue the bear trend.

We get in with a decent entry - we look at price action to anticipate when sellers are coming in, and try to enter just before that.

Profit-wise, we aim for 1.618 fib extension, which corresponds to previous demand zone & structure of the inverted shoulder (market previously reversed from an inverted H&S pattern).

We don't see any strong signs of reversal yet - safe to continue thinking with a bearish bias.

7 Mar 2022

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