Bitcoin Setup

I've shorted Bitcoin at 4,360, 88.6% pullback "bearish bat", looking to unwind near 3,490's "bullish bat".

The setup is invalid on a break above the prior high 4,430 so I'll take off 25% to better my entry price on a move lower from here see first target box in chart.

Looking to then get long for a move into or near 5k but will need to see price action near my downside target before committing to a position.

Regards

註釋

Looking further out, if this setup fails to hold under the 4430's I'm going to consider hedging a loss rather than using an outright stop as I would like to see how price reacts near the resistance level shown in the chart for a possible bullish shark setup.

If price rallies through even the top level of that then it's pretty much a straight shot to 5k from there.

註釋

Quick Update;

Still holding short, no hedge, new setup in the chart below. Still 3400's region target.

Because I held through the last rally and I'm "slightly" updating my strategy I needed to cove 40% of my position to better my entry point as my new exit is the last high "4,292" so I covered on the last break of 4,300.

Holding 60% short.

註釋

50-Back Hit.

10% Covered, Stops Moved To Break Even.

50% Left.

Choo Choo

註釋

Eyes on the weekly pivot, do or die for the bulls. #LineInTheSand

註釋

25% covered 25% left

註釋

Only a Daily Close above 3950/4k, retake of the channel will warrant a change of bias for a larger move up.

It's all about follow through and momo, best to stay patient into this bounce and see what the market has for us.