Multiple Reasons for Shorting Bitcoin | Bitcoin Price Analysis | May 14
bitcoin price analysis may 14

Multiple Reasons for Shorting Bitcoin | Bitcoin Price Analysis | May 14


It hurts to say this, but I'm shorting bitcoin

I'm always torn between technical analysis and fundamental analyis. On the one side I believe in bitcoin and buy it every time it dips with no intention to sell, on the other hand I love technical analysis and a little extra income on the side doesn't hurt. So that means that I make long term buys but also look for intraday longing and shorting opportunities (secretly hoping that my shorts fail haha).

In any case, below is today's analysis for which I found many reasons to short. We are currently still at my entry price for this trade so I have yet to see if it will be successful or not. So, let's find out!

Reasons For Going Short

  • Horizontal resistance with several touches
  • Multiple instances of 3 minute bearish divergences
  • Found an entry point with a risk to reward ratio of 2 to 1
  • 0.618 Fib retracement level
  • Ascending wedge pattern

Note that this is not financial advice! Trading presents financial risks!

Have you entered any trades recently? How did they go? 

Are you starting out with technical analysis? Feel free to ask me any questions, I'm happy to help!

 


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Hooked2TheChain
Hooked2TheChain

I spend all day researching, writing about and trading cryptoassets because they give the power back to the people


Bitcoin Price | Crypto Technical Analysis
Bitcoin Price | Crypto Technical Analysis

This blog is for bitcoin technical analysis. I will post videos and blogs of my analysis as well as the analyses of other famous crypto traders. Ocasionally I'll add in some TA from other cryptocurrencies too.

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