Bitcoin has been looking weak for several weeks now with strong quick down legs and slow forming up grinding legs. This is a bearish sign. Looking at the On Balance Volume, it has also been showing lower highs and flat bottom lows which is another bearish sign in volume.
The overall Macro trend also remains overall bearish with the AMA Cross Bearish and also has a neutral position on the graph with price levels approximately in the center
I have presented 3 downside targets where it would be ideal to take profit at.
Interim 2 has the highest probability of executing ( I would recommend taking about 50% profits of your short at this point)
The main target has a strong RRR and also good profit potential. ( I would recommend taking the other half or all of your profits near this $4k point considering the law of round numbers....typical human psychology).
Your stop loss would be at the green line, which is a price of about 6600 (or slightly higher) depending on what exchange you're trading on.
Good luck and trade wisely friends!
The overall Macro trend also remains overall bearish with the AMA Cross Bearish and also has a neutral position on the graph with price levels approximately in the center
I have presented 3 downside targets where it would be ideal to take profit at.
Interim 2 has the highest probability of executing ( I would recommend taking about 50% profits of your short at this point)
The main target has a strong RRR and also good profit potential. ( I would recommend taking the other half or all of your profits near this $4k point considering the law of round numbers....typical human psychology).
Your stop loss would be at the green line, which is a price of about 6600 (or slightly higher) depending on what exchange you're trading on.
Good luck and trade wisely friends!
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Target reached perfectly