No need to trade much recently with swing successes so formulating a 30 day plan to keep thigs interesting while we wait for the close of the calendar year. Short play if BTC is rejected at around $53k - 20%+ drop to support within expected market structure makes R2R interesting, especially on ALTS.
Scenario Opportunity:
Many retail folk were late to the sell off earlier in the year but overjoyed that they got out around the $40k to $50k mark, expecting $20k and would only buy back in if $50k broken and held.
- Thus above $50k is where I feel the liquidity is for the market to sell into.
- Besides a few leading ALTs, market looks a little weak.
Plan for this scenario:
- Sold all BTC at last week's $49k touch
- At the break up I will look at placing trailing stops on portfolio spot ALTs (usual set: Atom, SOL, Luna, Zil, etc)
- Lightly leveraged shorts on BTC if BTC breaks down. Profit Target $42k with a stop above $53k dependent on entry. Expected around 10th September.
- Will consider ALT shorts after BTC tries to rally and fails at retest.
Best, Hard Forky
Scenario Opportunity:
Many retail folk were late to the sell off earlier in the year but overjoyed that they got out around the $40k to $50k mark, expecting $20k and would only buy back in if $50k broken and held.
- Thus above $50k is where I feel the liquidity is for the market to sell into.
- Besides a few leading ALTs, market looks a little weak.
Plan for this scenario:
- Sold all BTC at last week's $49k touch
- At the break up I will look at placing trailing stops on portfolio spot ALTs (usual set: Atom, SOL, Luna, Zil, etc)
- Lightly leveraged shorts on BTC if BTC breaks down. Profit Target $42k with a stop above $53k dependent on entry. Expected around 10th September.
- Will consider ALT shorts after BTC tries to rally and fails at retest.
Best, Hard Forky
Note
On target:Note
Deeper drop of 30% scenario B to $37kNote
Expecting chop this weekendNote
closing on TPNote
Breaking down but might rally for a last attack at short stops
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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.