Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Huraian
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As you know, I do not short Bitcoin often. I wait for an opportunity for a re-entry and always make long positions.
According to my analysis, bull trend is over and price will drop. You can either short BTC, or wait for a re-entry position for long.
Tom Demark count gave a green 9 on the daily chart. This means bull trend is over. I expect up to 9 days of down trend starting from tomorrow. Which means we might have a down trend till 16th of November (Segwit2x hardfork date).
Stoch RSI is overbought and price hit the upper bollinger bands, which confirm my time analysis.
Here is my forecast:
Scenario 1: Price will drop to 0.5 fibonacci level 6800 and will rise from there.
Scenario 2:
6800 will not hold as it is not a strong support area and price will drop to 5725 major support area.
Worst Cast Scenario:
5725 will not hold and price will drop to 4765 - next strong support area.
I think Scenario 2 is more likely.
Here is the trading idea for shorters:
Short at: 7500 Take profit at: 6800 Stop loss: 7800
This gives no signal on stoping. TD9 looks like is not doing much at the moment after 16 hours. Any update of your analysis. I shorted prematurely at 7300. Lol
hyipster
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Shorting BTC when the momentum is so bullish is quite risky. Don't forget to set a stop loss. Of course price will have to correct someday but beware of the bulls ...