For BTC, we start with a set of short positions, not waiting for a rebound. Because there may not be a rebound. If there is one - for this case, we have entered the position only partially.
The trigger for the decision - after a day of boring range, the price fell into a stable downtrend on the 15-minute TF.
As can be seen - with a dense set of basic and additional targets according to our indicator, which have been partially worked out by this minute. Although there is a mark of a potential low on the hourly, this does not look like a defining signal.
The entire movement of Saturday is a clear dilution of the chance for the long pattern 'Dragon' to play out.
On the signals #BTC for a decline - we have the same arguments, there are many:
- marks of highs on the daily and weekly TF (at the same time, the weekly candle looks distinctly bearish so far),
- stable downtrends - on a number of key TFs for our trading:
-- 3-hour TF - with still unfulfilled basic targets of $116,744, $115,499,
-- 4-hour TF - with still unfulfilled basic targets of $116,053, $114,587,
-- 6-hour TF - with basic targets of $116,692, $115,175, $113,657.
Additionally, on the 3-hour TF, a mark of a potential high appeared on Saturday, which puts into question the expectation of a rebound before a new plunge down.
On horizontal levels, the price has not been able to settle above the important level of $117,836 since yesterday. The inability to rise above the level is the prospect of a move to the nearest range of $115,958-$116,459. The next important levels are on the screen.
At the same time, let us remind you that on the 6-hour TF and the 8-hour TF there are marks of potential lows. Which make us wait for a rebound before the plunge down. But when even on the 15-minute TF the price is in a downtrend - it signals that the asset is not ready for rebounds yet. The decline may continue.
The situation with our experimental #futures_trade for now:
- #Binance: short with 30 leverage from the level of $117,482.90, potential liquidation level $120,857.15.
- Exchange #1: short with 30 leverage from the level of $117,447.20, potential liquidation level $120,774.80.
- Exchange #2: short with 125 leverage and additional liquidity from the level of $117,476.30, potential liquidation level $120,692.5.
In case the asset's price does show a rebound at night, we are placing additional sell orders at two more important horizontal levels from our indicator: $119,840 and $121,718. While skipping the level of $120,842 for now, in order to improve the entry point in case of an impulsive rebound.
But overall in the rebound scenario in our hypothesis, the price should not settle above $120,842, this level resonates with the 0.5 level on Fibonacci, the rate of $120,639. So the reaction of sellers from this area in case of a rebound is extremely important.
