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?
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