Shorting BTC at ≥$22,600
Diupdate
BINANCE:BTCBUSD
Dear fellow traders,
I have analyzed the current market conditions surrounding Bitcoin and have come to the conclusion that we are likely to see a further decline in the 1hr time frame.
Firstly, let's take a look at the recent price action. As we know, Bitcoin has experienced a decline from $23,013 to $22,350 and has formed a bearish pattern. Furthermore, it has failed to break the crucial resistance level at $22,700. This is a clear indication that the bears are in control of the market and that we are likely to see a further decline.
Next, let's examine the fibonacci retracement levels. As illustrated in the chart, we can see that Bitcoin has been rejected multiple times in the golden zone. This is a strong signal that the price is going to dump hard and we can expect to see a significant drop in the near future.
We should also keep an eye on the key levels for long position liquidation, which are $22593 (100x Long) and $22371 (50x Long). If both of these levels are reached, it will likely push the price down to around $22,500.
Taking all of this information into consideration, I have decided to short Bitcoin at ≥$22,600. My profit targets, based on the fib retracement, are:
$22,350
$22,096
$21,940
$21,227
It is important to always have a stop loss in place to minimize any potential losses. In this case, I have set my stop loss at $22,800.
In conclusion, I believe that the technical analysis and market conditions are pointing towards a further decline in the price of Bitcoin. By shorting the market at ≥ $22,600 and having well-defined profit targets and stop loss levels, we can take advantage of this opportunity and potentially reap significant rewards.
As always, it is important to keep in mind that trading involves risk and always make informed decisions based on thorough research and analysis.
Dear fellow traders,
I have analyzed the current market conditions surrounding Bitcoin and have come to the conclusion that we are likely to see a further decline in the 1hr time frame.
Firstly, let's take a look at the recent price action. As we know, Bitcoin has experienced a decline from $23,013 to $22,350 and has formed a bearish pattern. Furthermore, it has failed to break the crucial resistance level at $22,700. This is a clear indication that the bears are in control of the market and that we are likely to see a further decline.
Next, let's examine the fibonacci retracement levels. As illustrated in the chart, we can see that Bitcoin has been rejected multiple times in the golden zone. This is a strong signal that the price is going to dump hard and we can expect to see a significant drop in the near future.
We should also keep an eye on the key levels for long position liquidation, which are $22593 (100x Long) and $22371 (50x Long). If both of these levels are reached, it will likely push the price down to around $22,500.
Taking all of this information into consideration, I have decided to short Bitcoin at ≥$22,600. My profit targets, based on the fib retracement, are:
$22,350
$22,096
$21,940
$21,227
It is important to always have a stop loss in place to minimize any potential losses. In this case, I have set my stop loss at $22,800.
In conclusion, I believe that the technical analysis and market conditions are pointing towards a further decline in the price of Bitcoin. By shorting the market at ≥ $22,600 and having well-defined profit targets and stop loss levels, we can take advantage of this opportunity and potentially reap significant rewards.
As always, it is important to keep in mind that trading involves risk and always make informed decisions based on thorough research and analysis.
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