Short Update going to plan.
Updated numbers and anticipated 3 wave corrective drop marked on chart.
113,000 to 35,000 (SHORT)
35,000 to 84,000-85,000 (LONG)
84,000 to 8,000 (SHORT)
For my personal trade I will be closing roughly 80% of short at 40,000-45,000
I will then look for a hold and rise from the 35,000 region to validate that we will see this corrective move. I believe there is a high probability of this - reasons I will detail more as the trade progresses. Chart would be too messy if I included all information on future confluences and pivot points.
If I see this rise occur, I will hold the 20% original short - and hedge with a long as well to 80,000 - 35,000 to 80,000
The reason the market is dropping is once again:
1. The significance of DXY breaking down a major multi month bearish channel
2. The fact that this is a bearish retest on BTC HTF - not a bull market or bull pattern
3. There is a mass amount of liquidity held in open longs in Bitcoin - we need to see a severe deleveraging of these low zones to remain bullish
Happy trading - please see related linked ideas.
Updated numbers and anticipated 3 wave corrective drop marked on chart.
113,000 to 35,000 (SHORT)
35,000 to 84,000-85,000 (LONG)
84,000 to 8,000 (SHORT)
For my personal trade I will be closing roughly 80% of short at 40,000-45,000
I will then look for a hold and rise from the 35,000 region to validate that we will see this corrective move. I believe there is a high probability of this - reasons I will detail more as the trade progresses. Chart would be too messy if I included all information on future confluences and pivot points.
If I see this rise occur, I will hold the 20% original short - and hedge with a long as well to 80,000 - 35,000 to 80,000
The reason the market is dropping is once again:
1. The significance of DXY breaking down a major multi month bearish channel
2. The fact that this is a bearish retest on BTC HTF - not a bull market or bull pattern
3. There is a mass amount of liquidity held in open longs in Bitcoin - we need to see a severe deleveraging of these low zones to remain bullish
Happy trading - please see related linked ideas.
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