Asset: Bitcoin
Hello guys, hope you doing allright,
so I would say people already start realizing we are in downtrend,
I was warning you since very top,
and now when we are on verge of the next step I tho I could provide my point of view on whole situation...
After months of sideway move, we are close to the lows from previous decline at the time. Our current market structure was shown as bearish, and I would expect continue this trebt much lower then people expect. We currently sitting at 18.7k after reasent decline. My expectations are we could retrace up to 20k again, and that would be breaking point for this idea. If we are not able take it highier than 20k for extent period of time in days, there is highier possibility of revisiting old lows before creating new highs, with favourable odds for further decline by decent margin up to 20%.
Idea would be invalid in case of continously closing candles above 20.5k highiest.. Because of that reason I would expect everyone to very carefully watch if we are able with price reach again our equlibrium (E) point at 19.2k and targets (T1-T3) above to reach before we decide open SHORT after decline that already happen. Preferably wait and see if possible enter at E up to T3 if time allows.
Trend: Down
By: 13% up to 20% from current position
Days: 2 to 13 days
Possible loss if entered SHORT now: up to 8% - not worth
Optimal trade entry: 19.4 - 19.7k
Drawdown: Up to 20.5k
Liquidity: L1-L3
Happy trading,
Joe
Hello guys, hope you doing allright,
so I would say people already start realizing we are in downtrend,
I was warning you since very top,
and now when we are on verge of the next step I tho I could provide my point of view on whole situation...
After months of sideway move, we are close to the lows from previous decline at the time. Our current market structure was shown as bearish, and I would expect continue this trebt much lower then people expect. We currently sitting at 18.7k after reasent decline. My expectations are we could retrace up to 20k again, and that would be breaking point for this idea. If we are not able take it highier than 20k for extent period of time in days, there is highier possibility of revisiting old lows before creating new highs, with favourable odds for further decline by decent margin up to 20%.
Idea would be invalid in case of continously closing candles above 20.5k highiest.. Because of that reason I would expect everyone to very carefully watch if we are able with price reach again our equlibrium (E) point at 19.2k and targets (T1-T3) above to reach before we decide open SHORT after decline that already happen. Preferably wait and see if possible enter at E up to T3 if time allows.
Trend: Down
By: 13% up to 20% from current position
Days: 2 to 13 days
Possible loss if entered SHORT now: up to 8% - not worth
Optimal trade entry: 19.4 - 19.7k
Drawdown: Up to 20.5k
Liquidity: L1-L3
Happy trading,
Joe
