BTCUSD - 30% Cyclical Short Trade? Be Conservative Down Here
Updated
Hey guys,
Hope everyone are well.
We are looking at a falling wedge pattern on the 4HR and trading below the EMA50. Crypto is in full blown panic selling mode and this offers a VERY SHORT opportunity to short trade with the trend.
Confirmation of trend continuation is below $3213, with targets at $2615, and $2099 on Bitstamp. Above $3581 this idea becomes invalidated and we'll need to wait for consolidation to identify a new pattern with exit/entry level.
ATTENTION: Shorting down here comes with additional margin cost and liquidity concerns.
Last week we were looking to catch a countercyclical swing trade to the upside, but that didn't play out. The idea below was invalidated and no trade should have taken place:
![BTCUSD [REVISED] - 30% Countercyclical Long Trade?](https://s3.tradingview.com/r/R5gWkiHx_mid.png)
Keep in mind the longer term picture. The price levels we will trade at in the coming weeks will offer very good longer-term long trade prices:
Hope everyone are well.
We are looking at a falling wedge pattern on the 4HR and trading below the EMA50. Crypto is in full blown panic selling mode and this offers a VERY SHORT opportunity to short trade with the trend.
Confirmation of trend continuation is below $3213, with targets at $2615, and $2099 on Bitstamp. Above $3581 this idea becomes invalidated and we'll need to wait for consolidation to identify a new pattern with exit/entry level.
ATTENTION: Shorting down here comes with additional margin cost and liquidity concerns.
Last week we were looking to catch a countercyclical swing trade to the upside, but that didn't play out. The idea below was invalidated and no trade should have taken place:
Keep in mind the longer term picture. The price levels we will trade at in the coming weeks will offer very good longer-term long trade prices:
Note
Next two days should be interesting:MCAP
BTCUSD
Note
Still bearishNote
Watch for breakout!Note
Its happening:Don't forget big picture:
Note
False breakout! The daily candle refused to close, so we are back to consolidation...Mcap:
Note
We are about to kiss the .382... this is a make it or break it moment!Order cancelled
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