forexsaint
Short

BTC SHORT short term & LONG long term (Monthly/Yearly TF)

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
(A)
TF- Multi-W1 or MN
BIAS - Bearish
ENTRY - 8200
SL - 10400
TP - 2300 (Intermediate TP - 5500(Grade AA), 4300( Gr AAA ), 2300-1900( Gr AAA ))
RR - 2.9

(B)
TF- Multi-MN or YR
BIAS - Bullish

ENTRY - 2300
SL - 675
TP - 14900 (Intermediate TP - 4200(Grade AA), 5400( Gr AAA ), 8900( Gr AAA )), 11600( Gr AAA ))
RR - 9.7

Lets WnW (Wait n Watch) :)
Comment: - Very simple clean setups
- Great R:R ratios
- Short is live and Long Limit buy placed (entry can change later depending upon the price action at new lows)
- Short trade will be made free trade (based on the concept i follow, which those who follow me here or FF or TR know well)
- Long trade goes with my fundamental belief in BTC and privacy centric cryptocurrenies like XMR an will be held long term given the non inflationary nature of btc

Lets wnw
Trade active: I have been asked this many times now, so let me clarify
Q. Is this quick move above breaking the descending TL a fakey or BULL Trap?
A. Short term yes, its indeed a bull trap and bit of confirmation would be closing levels of W1 and MN charts. More confirmation of this being a TRAP would be more faster rise and spike up to sub-10k levels like 8900, without any retrace. So feel free to add shorts till SL levels, if within your risk appetite. R:R ratio will get more better :)
But keep in mind longer TF remains UP and every dip sub 4k remains a buy, in long term (Not worth for a lower TF trader, but again BTC is not really a good trading instrument tbh)
Hope this helps
nice drawing
Reply
forexsaint Ronnie_Dong
@Ronnie_Dong, Sorry i dont agree with the continuation of this "short stop triggered rally" post rerace to 7k (as you mention in chart). This upmove will retrace and newer lows will come i.e. sub 3k LVL's like 2800 (is a Grade A support), etc. Even if such lows are short lived (spikes) and then after a pretty appropriate amount of consolidation before the next bullish move up to all time highs (which are not coming any soon). IMO this time it would be slow and steady (less volatile being the keyword) for new all time highs. My chart kind of explains the basic idea of what i think. Good luck :)
Reply
Ronnie_Dong forexsaint
@forexsaint, Your analysis is very convincing
Reply
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