Short Position Set Up
Short Entry price = 10.287
Stop Loss = 11.644
Take Profit = 8.239
Risk:Reward = 1.67
Reasons for entry:
1) 5 waves according to Elliott Wave Theory indicate a reversal ahead.
2) Bearish divergence on MACD and RSI
3) Much lower volume during the 5th wave compared with the 3rd indicates a reversal ahead.
4) Bitcoin has been trending lower meaning this 5th wave is artificial and the trend should revert back to the mean and drop like most other coins.
GL on this one. I won't be taking it as I have important commitments I need to focus on for tomorrow but I think it is a good trade.
This has a wide SL and TP (over 10% SL), so consider reducing your exposure to 0.5x to reduce your potential losses.
Stop Loss = 11.644
Take Profit = 8.239
Risk:Reward = 1.67
Reasons for entry:
1) 5 waves according to Elliott Wave Theory indicate a reversal ahead.
2) Bearish divergence on MACD and RSI
3) Much lower volume during the 5th wave compared with the 3rd indicates a reversal ahead.
4) Bitcoin has been trending lower meaning this 5th wave is artificial and the trend should revert back to the mean and drop like most other coins.
GL on this one. I won't be taking it as I have important commitments I need to focus on for tomorrow but I think it is a good trade.
This has a wide SL and TP (over 10% SL), so consider reducing your exposure to 0.5x to reduce your potential losses.
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