What comes up must go down!
Updated
Looking at the bigger timeframes (4H) btc has been rejected on a major resistance level. This could potentially bring us back down ton the green support zone. But I am safing it and taking profits at the yellow downwardsloping line.
Looking at the 15min it looks like we are making lower highs and soon to be lower lows.
Looking at the 5min we get reminded of that we could still back test the resistance zone but we are currently most likely to break down since we are in a steep downtrend.
Looking at the 1min timeframe I can see the higher lows at the micro trend but keep in mind that we are on the beginning of a downtrend on the bigger picture. I think the stop loss is perfectly executed above the previous lower high and I will now look forward to make the trade risk free! I think that btc easily could go down 4% based on price action.
Trade active
I am short @104349.6 with a 200x leverage. Let’s get this bread!
Trade closed: target reached
Moment of truth! We still have to see the price break through those previous lows in order to see the price waterfall like I want to.
Note
We did break those lows and are now seeing the beginning stages of the waterfall
Note
I just made the trade risk free! (Moved the stop loss to the blue line)
Note
Keep in mind that we are most likely to not break the previous lower high and that we should very soon see a continuation of the downtrend.
Note
I just got stopped out making 112% profits. Now I’m looking to take another trade (probably a short position)Note
I just went in with another short as I’m looking for the price to make another lower high
Note
My stop loss is @103777,4$ 10 more minutes to flip that 15min candlestick red!
Note
Not gonna lie. 1 hourly candlestick is looking a bit scary
Note
That double rejection followed by the M-pattern will most likely make us continue the downtrend. Looks like I’m right on this trade as well :)
Note
Taking out this low will make us continue the waterfall. Stay alerted guys!
Note
We did also get a nice bodily close beneath the previous bodily low. This is making us most likely to go further down. Let’s goooo!
Note
I just turned the trade risk free! Giving me profits above 50% if I lose
Note
I’m out. Just made another 50% profits. Now looking for the next short to take!Note
Just made another short. Looking to get sum moneeeey
Note
Looks like I was wrong on that stop loss and just lost 40% on that trade. But no worries I am still up for the day! And it’s only the beginning of the morning here in Norway. I promise I will get in some good trades now. WATCH ME!
Note
Just went in with another short as we are looking to reverse on the micro resistance zone.
Note
I just made the trade risk free! Looking to take out those lows next. Worst case scenario is about 30% profits and best case scenario is about 728% profits
Note
I moved the stop loss to be slightly above 100% ROI since we took out the lows and are currently continuing the downtrend.
Note
I am out of the trade with 95% profitsNote
Support got hit just as planned. A break of 108,5k will boost us up!
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.