In my opinion FET is playing out a textbook top in the market currently.
We are facing a potential top in Bitcoin much like the first phase of the bull runs in 2015/2016 and 2019/2020. We could play out a scenario similar to either one of these historical price history points.
The conditions are perfect to start a full sized FET short position IMO.
The first take profit zone for me would be around 31-36 cents, which is into the .618 golden pocket and just above it around support/resistance.
The second take profit is within the .786 pocket around 17.6 cents to 23 cents.
That is where I would expect FET to stop falling if we have a 2015/2016 like scenario and BTC finds support around 30K.
If we get a 2019/2020 Scenario after a FED pivot rally in March (approximately), then the market will keep crashing hard in response to recession, and a big ultimate take profit zone could be around .05-.096 cents. It would probably be more profitable to start are new trade after the market bounces and fails at resistance in order to trade to these lows.
Obviously use a stop/loss! Use it according to your risk/reward parameters.
I will do my best to keep you updated!
Thank you!
We are facing a potential top in Bitcoin much like the first phase of the bull runs in 2015/2016 and 2019/2020. We could play out a scenario similar to either one of these historical price history points.
The conditions are perfect to start a full sized FET short position IMO.
The first take profit zone for me would be around 31-36 cents, which is into the .618 golden pocket and just above it around support/resistance.
The second take profit is within the .786 pocket around 17.6 cents to 23 cents.
That is where I would expect FET to stop falling if we have a 2015/2016 like scenario and BTC finds support around 30K.
If we get a 2019/2020 Scenario after a FED pivot rally in March (approximately), then the market will keep crashing hard in response to recession, and a big ultimate take profit zone could be around .05-.096 cents. It would probably be more profitable to start are new trade after the market bounces and fails at resistance in order to trade to these lows.
Obviously use a stop/loss! Use it according to your risk/reward parameters.
I will do my best to keep you updated!
Thank you!
Trade closed: stop reached:
I stopped out of this around .76 cents. Unfortunately this has acted differently than any other time in its price history, lol. It is possible that BTC does go into the parabolic phase from here without re-testing its market structure in the low 30Ks. Very unusual. If another trade sets up, I will try and make another post. Thanks!