BTCUSD Short (sell) Opportunity (Big Drop Possible) Short

Bitcoin / TetherUS PERPETUAL CONTRACTBinance

Description

⋅ Jun 7, 2021 2:37 PM

BTC is looking bearish.

It cannot get higher than the lower resistance of the triangle that it has been attempting to break all day.

This is a pretty nice risk to reward ratio so I am taking this trade.

If I lose I stand to lose a small amount compared to the potential gain here.

Other reasons for going short here are based off Elliott Wave Theory which points to one more push down given the prior wave form.

Trend Analysis Wave Analysis

Comments

pillai80

⋅ Jun 8, 2021 7:52 AM

Great call, so far 1-1 extension, do you think it will drop further?

TradewithLu

⋅ Jun 8, 2021 10:45 AM

@pillai80, Thanks pillai, so I do believe that 30k is the target for this move as a minimum target. A more likely support will be 28k and it could still go further down from there.

I have taken my profit on this short already as I am happy with 8% and I don't like holding positions too long. This doesn't mean I think we will go up from here though.

How will I play this move?

I will start buying Ethereum when Bitcoin gets to around 30k.

(This is not financial advice, I am just telling you what I am going to do).

GL have fun