Bitcoin Dump to $90,000 soon
I recently entered a scalp long targetting $95100.
I also set a new limit order to short at $95150
Stop around $96100 area
Aiming for 90k as the overall target, roughly 5.5R.
Usually I prefer to enter my trades manually rather than set limit orders but the long tp might get hit tonight and the $95150 price i think is a good entry based on my analysis, the market will likely reject there or a bit before...besides its saturday, its not very probable to have a big pump to $96000 stop area from $94000, volume in general is lower in the nights and even lower overall on saturdays...in general.
If tp 1 gets hit and am still up and limit order not filled I might enter at $96100 for the short instead of $96150
Technical wise, Price is high on weekly tf, printed a big bearish engulf candle covering previous 3 weeks and broke below major support in that area, theres nothing holding price up now. Structure is bearish on daily,4hr and 1hr tf, and is currently correcting to create the next potential lower high to continue down. Structural target would be 74k area but I don't think he bull run is over and when price is so far away from structure it tends to form a new higher support around a fib area. On the weekly tf that fib area am focusing on is the 38.2 retracement level which is around $89600. That is where my potential bottom target for this move is, i just round up to $90000.
Monthly close is coming, yearly candle close is coming....so market likely to get more volatile than normal , I am bias to the downside. This might not be true but I think market is doing a bit of reset for the new year. Dump until end of year then start buying up again for the new year 2025
There is also some tether fud going around - Saying usdt will be removed for EURO dex exchanges if am not mistaken, I think thats big enough to use as a smokescreen to dump.
I also set a new limit order to short at $95150
Stop around $96100 area
Aiming for 90k as the overall target, roughly 5.5R.
Usually I prefer to enter my trades manually rather than set limit orders but the long tp might get hit tonight and the $95150 price i think is a good entry based on my analysis, the market will likely reject there or a bit before...besides its saturday, its not very probable to have a big pump to $96000 stop area from $94000, volume in general is lower in the nights and even lower overall on saturdays...in general.
If tp 1 gets hit and am still up and limit order not filled I might enter at $96100 for the short instead of $96150
Technical wise, Price is high on weekly tf, printed a big bearish engulf candle covering previous 3 weeks and broke below major support in that area, theres nothing holding price up now. Structure is bearish on daily,4hr and 1hr tf, and is currently correcting to create the next potential lower high to continue down. Structural target would be 74k area but I don't think he bull run is over and when price is so far away from structure it tends to form a new higher support around a fib area. On the weekly tf that fib area am focusing on is the 38.2 retracement level which is around $89600. That is where my potential bottom target for this move is, i just round up to $90000.
Monthly close is coming, yearly candle close is coming....so market likely to get more volatile than normal , I am bias to the downside. This might not be true but I think market is doing a bit of reset for the new year. Dump until end of year then start buying up again for the new year 2025
There is also some tether fud going around - Saying usdt will be removed for EURO dex exchanges if am not mistaken, I think thats big enough to use as a smokescreen to dump.
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Long tp hit and limit short order filled
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adjusted stop to 96500Note
Exited bitcoin short. Market seems likely to go to 96k tomorrow, that would be quite a bit of draw down for me so am wait for confirmation around that area.
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Took a scalp long to $96000
Stop: $94600
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Entered short
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Scaled into bitcoin short a bit
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Updated take profit targets
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I put my tp back to $89900. Will close out manually earlier if needed
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decided to close out 80% at 92000 based on price reaction Note
80% tp secured
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BE stop got triggered. Still observing PA, structure hasn't shifted back bullish yet
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Re-entered short
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Scaled into the short
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Last entry got stopped. Fell asleep and woke up price was in drawdown. Should have closed overnight. Anyhow just re-entered
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Clsoed short and opened scalp long
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Closed back the long and re-entered short
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