Bitcoin - sell on 4H - time for a market correction
Dear traders and followers,
welcome to the latest Bitcoin trading idea.
The Bitcoin price reached resistance area between 47.500$ and 51.000$ and in my opinion its time for a correction with at least 15% down movement.
RSI indicator showing a clear bearish divergence since the end of July. The volume in generell is really weak which indicates the current up move is not a healthy one.
At this area I close the buy positions in several steps and convert them into sell/short positions beginning at the next retest of 47.500$ - 48.000$.
I will add another sell position in case of a stop loss hunt up to 51.000$ setting the stop loss above 52.000$.
Take profit for sell position is 0.5 Fibonacci retracement level at 37.500$ - 38.000$.
Moving the stop loss into break even as soon the market closed under 42.000$ on daily chart.
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welcome to the latest Bitcoin trading idea.
The Bitcoin price reached resistance area between 47.500$ and 51.000$ and in my opinion its time for a correction with at least 15% down movement.
RSI indicator showing a clear bearish divergence since the end of July. The volume in generell is really weak which indicates the current up move is not a healthy one.
At this area I close the buy positions in several steps and convert them into sell/short positions beginning at the next retest of 47.500$ - 48.000$.
I will add another sell position in case of a stop loss hunt up to 51.000$ setting the stop loss above 52.000$.
Take profit for sell position is 0.5 Fibonacci retracement level at 37.500$ - 38.000$.
Moving the stop loss into break even as soon the market closed under 42.000$ on daily chart.
Feel free to leave a comment or to share your ideas in the comments section
Please hit the like button if you share or like this idea.
Follow us and stay up to date/ don't miss new ideas
Thanks for your support!
Trade active
Comment:
added more short near yesterdays high
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
