BitcoinShort
Confirmation Sell For BTC/USD
BTC is trading at 47,600 and moving higher. Here are two levels on my radar:
Monthly 50% Retracement, $50,975
Monthly 38% Retracement, $46,721
Moving deeper into today’s session, I’ll be looking for price exhaustion beneath that 38% level. Here's the trade:
1) Wait for a 4-hour bar close beneath $46,721
2) Enter a short beneath $46,721
3) Initial stop above the most recent Swing High on 4-Hour chart
4) Apply a 1:1, 1:2, or 1:3 risk vs reward ratio
This is a countertrend play, so confirmation of price exhaustion is a must.
Monthly 50% Retracement, $50,975
Monthly 38% Retracement, $46,721
Moving deeper into today’s session, I’ll be looking for price exhaustion beneath that 38% level. Here's the trade:
1) Wait for a 4-hour bar close beneath $46,721
2) Enter a short beneath $46,721
3) Initial stop above the most recent Swing High on 4-Hour chart
4) Apply a 1:1, 1:2, or 1:3 risk vs reward ratio
This is a countertrend play, so confirmation of price exhaustion is a must.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.