Bitcoin - short setup!

Hello, everyone!

The mentioned earlier bull trap was formed by the Bitcoin. Now the price is on the key level which is needed to be broken for the further increase.

Let's take a look at the BTCUSDT chart of the WhiteBit exchange. Here we can see that the price got a rejection from 0.618 Fibonacci retracement level. Moreover the weekly CPR is also located here. Look also at the volume of the last pump. It is decreasing, means that the buyers are now so strong. I decided to try short from the current price with the stop loss above red 0.8 Fibonacci line and the target at -0.618 level. It's approximately $16500.

Do you remember my last couple analysis? I am waiting for the lower low to pick up liquidity and create the spring event in the local accumulation. The long trade will be opened at $16-17k with the potential target at $26k. This is my plan, but we have to watch carefully the new market information.

Good luck!

Trade on WhiteBIT! Use this link to register and receive 40% of trading commissions from your invited users!

Trade easy with Smart tools
Utilize AI-enhanced SmartBot for automated decisions and SmartTrade terminal for tailored manual trades, all in one integrated platform
Get started

Similar blog posts

Experience the next level of trading efficiency