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Bitcoin / TetherUS
Short
Updated

BITCOIN: Possible sell opportunity...?

251
BTCUSD has reached the top of a Descending Channel, and entering a Supply Zone presumably holding selling orders. I believe the market will tap into this pool of liquidity, and turn over control from buyers to sellers.

Comment if you agree with this outlook. I would appreciate the feedback.
Note
Price is breaking the top of the channel, currently. We'll see how it reacts to the Daily Supply Zone.
Trade active
BTCUSD: snapshot Back in. Broke the support (red). Good indication price will continue down.
1:4.58 RR this time.
I am watching for a retest of the last OB price just formed. But the high it just made was itself a RT of the prior OB, so I'm hoping price just melts.
Note
For those that thought the call was off, there is no trade without confirmation.
I don't enter without it!
Price decided to breakout of the channel. No worry. I mentioned in the video that there was another OB right above that price would have to deal with. When price started to round off and head down, I saw my confirmations for a short... and entered a sell position.
Currently in profit, and my SL will go to BE soon!
Boom.
Note
SL hit/BE, after taking some profit at 1:1.5. Trade reached 1.7R before reversing. So, a little profit on the 1M TF.
This was the retest of the OB I was watchful for.
I am looking for a bigger drop, though. So I will wait patiently for it.
Note
I am short again! 33642.10
Moved a bit, so I am at BE. No risk. Going to bed. I will update in the morning.
Hope it goes for a bit!
Trade active
snapshot
Trade is now at 2.56R!
Patience pays!.
Taking partials here, and continuing to hold.
I want to go to bed! I can't!
Trade active
snapshot
Trade closed manually
:white_check_mark: BTCUSD: snapshot Going to exit the balance of the position, in profit. It's making an inverted H&S, and I think the momentum is still bullish. So I will wait, but secure this bag now! :moneybag:
RT_Money
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Bitcoin (Cryptocurrency)bitcoinanalysisbitcoinideabitcointradingBTCUSDbtcusdanalysisbtcusdforecastbtcusdideabtcusdshortSupply and DemandSupport and ResistanceTrend Analysis

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Bitcoin (Cryptocurrency)bitcoinanalysisbitcoinideabitcointradingBTCUSDbtcusdanalysisbtcusdforecastbtcusdideabtcusdshortSupply and DemandSupport and ResistanceTrend Analysis
RT_Money
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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.