BTC Short Risk/Reward makes sense
I rarely publish ideas and prefer to stay in the shadows so to speak, but decided to draft this - who knows, I might be saving someone. Tradingview is FULL of bullish charts that promise you not just the moon but also Jupiter and Mars on a Silver Platter. If there is one thing I've learned in trading years of Bitcoin, it's that if you chart a chart, keep it simple and use common sense.
The majority of people, me included, we don't really care if Bitcoin hits 18k, 50k or if it goes down to 1k. We make money either way by going long or going short. Makes sense? The most important thing not just for traders like me, but also for so called whales is to play that game of ping-pong as long as possible. Nobody want's a big green dildo in front of their screen going from 9k to 12k. We will make far more money by trading the ups and downs in between. Remember that. Look closely by comparison how differently BTC is traded now. Look closely and you will understand my point.
That being said, by using a simple chart you can easily see that we arrived at a point where a lot of shorts will be coming in. I've already placed mine but have liquidity even if we hit 11,5. I am not worried at all, because I know that we will hit under 7k sooner or later. It's just how the market works - pretty simple.
1st TP 25% - 8600
2nd TP 35% - 8035
3rd TP 35% - 7455
The other 5% depending on the rebounce and how the market evolves. I'd consider taking a very strong long position at around 5200 but I might open some positions earlier, probably around the 6k mark.
I know I am pissing off a lot of people with a simple bearish chart, but at least this is how I trade and make money.
Peace,
George
The majority of people, me included, we don't really care if Bitcoin hits 18k, 50k or if it goes down to 1k. We make money either way by going long or going short. Makes sense? The most important thing not just for traders like me, but also for so called whales is to play that game of ping-pong as long as possible. Nobody want's a big green dildo in front of their screen going from 9k to 12k. We will make far more money by trading the ups and downs in between. Remember that. Look closely by comparison how differently BTC is traded now. Look closely and you will understand my point.
That being said, by using a simple chart you can easily see that we arrived at a point where a lot of shorts will be coming in. I've already placed mine but have liquidity even if we hit 11,5. I am not worried at all, because I know that we will hit under 7k sooner or later. It's just how the market works - pretty simple.
1st TP 25% - 8600
2nd TP 35% - 8035
3rd TP 35% - 7455
The other 5% depending on the rebounce and how the market evolves. I'd consider taking a very strong long position at around 5200 but I might open some positions earlier, probably around the 6k mark.
I know I am pissing off a lot of people with a simple bearish chart, but at least this is how I trade and make money.
Peace,
George
Note
nearing first target of 8600Note
setup is in place, we wait now for the first retrace to 8200. Take some profit there. It might go up again to 8600-ish if you want to make a quick trade on long before going down to 7800.Note
First target just hit, i closed 20% of my shorts. More to go.Note
bearish triangle forming now on 1H - it could be the trigger for another move down. If that happens, BOUNCE area should be roughly around 8200 - take some profit here, but don't close all your short positions. By now you should have already 78% ROI (if you trade on 40x) - congrats ;)Trade active
After analyzing the market today we have two possible scenarios:1) BTC finally manages to break 8757 level from yesterday and goes to 8825 before continuing the downtrend
2) BTC does not test 8825 and falls to 8440-8280 during the next 24 hours.
In both cases, keep your shorts ready.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.