Attempting to Contrarian Trade this downtrend with tight stops
Bitcoin just hourly 200 MA - acting as strong support.
The last time it did this BTC did 9% in 28 hours (25th Oct)
Entry between: $20,250 and $20,350
Stop: $20,150
Exit: $2740
Ratio: 2x (Win is twice as big as the loss)
BULL CASE
If it repeats that pump from Oct 25th.
$22,120 is 9% from the 200 EMA touch
BEAR CASE
Breaks below $20200 with volume.
Doesn't hold the $20,000 support.
Unlikely as the Fed considers a lower rate rise of 50 bps instead of 75bps.
VOLUME
Volume going down, with price going down, indicates a slow down of sellers and is bullish. If the volume was increasing here that would be bearish.
The last time it did this BTC did 9% in 28 hours (25th Oct)
Entry between: $20,250 and $20,350
Stop: $20,150
Exit: $2740
Ratio: 2x (Win is twice as big as the loss)
BULL CASE
If it repeats that pump from Oct 25th.
$22,120 is 9% from the 200 EMA touch
BEAR CASE
Breaks below $20200 with volume.
Doesn't hold the $20,000 support.
Unlikely as the Fed considers a lower rate rise of 50 bps instead of 75bps.
VOLUME
Volume going down, with price going down, indicates a slow down of sellers and is bullish. If the volume was increasing here that would be bearish.