For BTC, we start with a short position set, not waiting for a rebound. Because there might not be a rebound. If it happens - in this case, we entered the position only partially.
The trigger for the decision - after a day of boring range, the price dropped into a sustained downtrend on the 15-minute timeframe.
As can be seen - with a dense set of basic and additional targets from our indicator, which have been partially worked out by this minute. Although there is a mark of a potential low on the hourly, it does not look like a defining signal.
The entire movement of Saturday is a clear dilution of the chance to work out the long pattern 'Dragon'.
Regarding the signals for #BTC to decline - we have the same arguments, there are many of them:
- marks of the high on daily and weekly timeframes (while the weekly candle looks distinctly bearish),
- sustained downtrends - on several key timeframes for our trading:
-- 3-hour timeframe - with still unworked basic targets of $116,744, $115,499,
-- 4-hour timeframe - with still unworked basic targets of $116,053, $114,587,
-- 6-hour timeframe - with basic targets of $116,692, $115,175, $113,657.
Additionally, on the 3-hour timeframe, a mark of a potential high appeared over Saturday, which questions the expectation of a rebound before a new dive 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 this level suggests a potential move to the nearest range of $115,958-$116,459. The next important levels are shown in the screenshot.
At the same time, let’s remind that on the 6-hour and 8-hour timeframes there are marks of potential lows. Which make us wait for a rebound before diving down. But when even on the 15-minute timeframe 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.
- #Bybit: short with 30 leverage from the level of $117,447.20, potential liquidation level $120,774.80.
- #BingX: short with 125 leverage and additional liquidity from the level of $117,476.30, potential liquidation level $120,692.5.
In case the asset price does show a rebound tonight, we are placing additional sells at two other important horizontal levels from our indicator: $119,840 and $121,718. Skipping, for now, the level of $120,842, 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 of Fibonacci, at a rate of $120,639. So the reaction of sellers from this area in case of a rebound is extremely important.
