The bearish case for Bitcoin is starting to gain more substance and I plan to "dip my toes in the water" and start building a short position.
- On the daily chart Bitcoin officially closed below the $6000 mark for the first time in 2018.
- The orange support trendline is well and truly broken
- We continue to make lower highs and lower lows without any real sign of a reversal pattern setup
Having said this, if there is a strong turn around and a break of the blue resistance trendline, then I will be out very quickly as I DO NOT want to get caught on the wrong side of this trade.
We are in a period of very low volatility - and low volatility precedes highly impulsive moves. Therefore, I will not be risking a large amount at this stage and plan to make use of a tight stop loss.
I will post another trade idea today showing entry levels on a shorter time frame.
- On the daily chart Bitcoin officially closed below the $6000 mark for the first time in 2018.
- The orange support trendline is well and truly broken
- We continue to make lower highs and lower lows without any real sign of a reversal pattern setup
Having said this, if there is a strong turn around and a break of the blue resistance trendline, then I will be out very quickly as I DO NOT want to get caught on the wrong side of this trade.
We are in a period of very low volatility - and low volatility precedes highly impulsive moves. Therefore, I will not be risking a large amount at this stage and plan to make use of a tight stop loss.
I will post another trade idea today showing entry levels on a shorter time frame.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.