BTCUSD: Bearish Bat Looking to retrace back to $18448.51
Bitcoin looks ready to begin creating the Potential Right Shoulder of this Potential Inverse Head and Shoulders as it is at the level of what would have to be the neckline while overbought and within the 0.886-1.13 PCZ of this Bearish Alternate Bat it's traded within.
If this Inverted Head and Shoulders plays out, the Alternate Bat will underperform and not give us the full 100% Retrace backdown to 15.3k; but if not the price will go much lower and perhaps even lower than 15k so i will be managing risks from here.
For the time being i will be taking a third of my profits off and buying a monthly strangle along with a seperate weekly slightly OTM put as a way to secure my position on price action at a lower risk.
If this Inverted Head and Shoulders plays out, the Alternate Bat will underperform and not give us the full 100% Retrace backdown to 15.3k; but if not the price will go much lower and perhaps even lower than 15k so i will be managing risks from here.
For the time being i will be taking a third of my profits off and buying a monthly strangle along with a seperate weekly slightly OTM put as a way to secure my position on price action at a lower risk.
