Continuing off of the long trade...
We've formed a bearish div. on the 4hour, I suspect a drop to at least 57k, the 1.272 fib of the b wave noted on the chart. However, there should be strong support at the 1.618 fib, 54.5k considering it intersects with:
If 54.5k is hit, more than likely we're in an impulse wave going down to 52k.
But considering a lot of traders went long at 60.8k off of a naked PoC back in Nov. 1st, another drop back down there may cause liquidations.
Exochart:
imgur.com/a/8fEFnmC
But one could argue that we won't go under 60.8k considering that it bounced off of the parallel channel and the PoC of the fixed range volume profile placed on the chart. A whale troll move would be to pump it over 64k at the Monthy R1 to print another bearish div. to rekt shorts, and then dump it back down to 60k to rekt longs as well.
Resistance:
-63.3k
-66k
Support:
-60k
-56.6k
-54k
Invalidations:
-58k
-66k
-60k after a drop to 54k
-51.4k
We've formed a bearish div. on the 4hour, I suspect a drop to at least 57k, the 1.272 fib of the b wave noted on the chart. However, there should be strong support at the 1.618 fib, 54.5k considering it intersects with:
- Pivot of Monthly CPR
- Bottom of Parallel channel
- 0.382 fib retracement of a minor impulse wave
If 54.5k is hit, more than likely we're in an impulse wave going down to 52k.
But considering a lot of traders went long at 60.8k off of a naked PoC back in Nov. 1st, another drop back down there may cause liquidations.
Exochart:
imgur.com/a/8fEFnmC
But one could argue that we won't go under 60.8k considering that it bounced off of the parallel channel and the PoC of the fixed range volume profile placed on the chart. A whale troll move would be to pump it over 64k at the Monthy R1 to print another bearish div. to rekt shorts, and then dump it back down to 60k to rekt longs as well.
Resistance:
-63.3k
-66k
Support:
-60k
-56.6k
-54k
Invalidations:
-58k
-66k
-60k after a drop to 54k
-51.4k
Trade active:
Entered short at 63.3k, will use M R1 as sl.
looking for tp at 59k, 56k, 54k, and 51k
looking for tp at 59k, 56k, 54k, and 51k
Comment:
There could be a setup for a beartrap at 58k however given a naked PoC there. The next one below is at 51k, which lines up perfectly with the impulse invalidation of the minor impulse trend that went up to 66k. Imgur link updated to include it.
Comment:
Might end up closing my short soon if 62k doesn't act as resistance
Trade closed manually:
Closed short trade at 61.6k, I don't believe we're going any lower than 60k soon.
Trade active:
A worried of another drop to 58k, entered short at 62k, same tp as the last trade, sl now at 63.1k
Noticing a rise in net shorts
Noticing a rise in net shorts
Order cancelled:
closed trade at 62.8k trend broken
