went down nearing 2500, the bulls were getting exhausted. Bearish
technicals: 1h bearish pivot
, 2h spinning top
, first 4h red candle close / double doji
(indicating a reversal), 4h stoch
was overbought and short term ones were exhausted, 1hour hidden bearish
divergence on the RSI
on that new high towards 2485, the 4h 2h and 1h MACD
were pushing for a red crossover. Entry patterns: A 15m bearish head and shoulders
pattern emerged as we broke down to 2400. Shorting the right shoulder around 2460 gave us a nice risk/reward setup of around 5.76. Exit liquidity was good considering the heavy sell walls between 2480-2500. This is my first tradingview idea that I publish, hence the hindsight analysis. I did take the short at 2460usd though. Before I did that, i closed my long from 2850, with two adds around 3200 and 3275. I have been trading virtual currencies for 4 years already, though it took me 3 years to finally see consistent returns. Since January 2017 I have been seeing consistent and impressive gains, realizing this will become my profession for the future. At the moment I am still finishing university, but it's tough when you have to set priorities. I'm really glad I finally made it through, it took me a lot of ups and downs but I never gave up.
As for now I will see if 2400usd holds as resistance if price goes there for a retest. I will hold this short unless i see short term strong bullish
momentum indicating a reversal. I will be covering my shorts in the green box which is seen on my chart. My short covers are between 2275 and 2340. I will be holding on to a small short/hedge if the daily structure indicates a further bearish
breakdown on which it might go for a retest of 3000.