Bitcoin - Bear-ish Opportunities in the Next few days

2020年8月14日

Two possible short sell opportunities if you have bearish sentiment on BTCUSD.

1. Failure of break above resistance ~11,850.00 will result in me entering a short position in anticipation of further selling until it loses steam at the previous breakout (~11550.00 area). This is my TP. This also coincides with fib 38.2% zone.

See white arrows.

Note: You can try to go for a long position after take profit if you observe strong bullish price action but I would be wary.

2. Next opportunity to short would be when it re-tests newly created resistance at around ~ 11,730.00 zone. Short sell with stop above previous highs, trading down to 50% fib zone, which is around ~11,500.00 zone which also still respects possible longer time-frame ascending channel.

See red arrows.

3. It is possible to find second TP at 62.8% zone to ~11,400.00 if enough panic selling, but if wicks are showing and price looks bullish it would be a strong confirmation of a continuation of ascending channel (which is bullish).

See teal arrow.