BTCUSD, Short to 57k

٣ نوفمبر ٢٠٢١

Continuing off of the long trade...

We've formed a bearish div. on the 4hour, I suspect a drop to at least 57k, the 1.272 fib of the b wave noted on the chart. However, there should be strong support at the 1.618 fib, 54.5k considering it intersects with:

• Pivot of Monthly CPR
  
• Bottom of Parallel channel
  
• 0.382 fib retracement of a minor impulse wave
  

If 54.5k is hit, more than likely we're in an impulse wave going down to 52k.
But considering a lot of traders went long at 60.8k off of a naked PoC back in Nov. 1st, another drop back down there may cause liquidations.
Exochart:
imgur.com/a/8fEFnmC

But one could argue that we won't go under 60.8k considering that it bounced off of the parallel channel and the PoC of the fixed range volume profile placed on the chart. A whale troll move would be to pump it over 64k at the Monthy R1 to print another bearish div. to rekt shorts, and then dump it back down to 60k to rekt longs as well.

Resistance:
-63.3k
-66k

Support:
-60k
-56.6k
-54k

Invalidations:
-58k
-66k
-60k after a drop to 54k
-51.4k

٣ نوفمبر ٢٠٢١

تم فتح الصفقة

Entered short at 63.3k, will use M R1 as sl.
looking for tp at 59k, 56k, 54k, and 51k

٣ نوفمبر ٢٠٢١

ملاحظة

There could be a setup for a beartrap at 58k however given a naked PoC there. The next one below is at 51k, which lines up perfectly with the impulse invalidation of the minor impulse trend that went up to 66k. Imgur link updated to include it.

٤ نوفمبر ٢٠٢١

ملاحظة

Might end up closing my short soon if 62k doesn't act as resistance

٧ نوفمبر ٢٠٢١

تم إغلاق الصفقة يدويًا

Closed short trade at 61.6k, I don't believe we're going any lower than 60k soon.

٧ نوفمبر ٢٠٢١

تم فتح الصفقة

A worried of another drop to 58k, entered short at 62k, same tp as the last trade, sl now at 63.1k

Noticing a rise in net shorts

٧ نوفمبر ٢٠٢١

تم حذف الأمر

closed trade at 62.8k trend broken