Bitcoin Down to $2500 ?!? Potential to short
This chart is setup using an inverse HVF. At this current moment it is sitting really pretty at the Downside Target 1.
I do expect BTC to rally back up for a proper retracement, possibly back up to the 8k area. I might then consider a possibility to then enter a short position once this has taken place see it break out of the funnel to the downside again.
Target 2 is set at around $4,756. I would most likely take most of my profits off the table around this target. Target 2 has a high probability of being hit.
Target 3 is worst case scenario with still a realistic possibility of being hit with a target of about $2,431. I myself would not wait to close out my full short position at this point. This will be a great opportunity for the accumulation phase where professional investors and traders will load up on BTC and new and weak traders will most likely sell.
I hope this chart helps !
Follow me on Twitter @ KennyDegu
I do expect BTC to rally back up for a proper retracement, possibly back up to the 8k area. I might then consider a possibility to then enter a short position once this has taken place see it break out of the funnel to the downside again.
Target 2 is set at around $4,756. I would most likely take most of my profits off the table around this target. Target 2 has a high probability of being hit.
Target 3 is worst case scenario with still a realistic possibility of being hit with a target of about $2,431. I myself would not wait to close out my full short position at this point. This will be a great opportunity for the accumulation phase where professional investors and traders will load up on BTC and new and weak traders will most likely sell.
I hope this chart helps !
Follow me on Twitter @ KennyDegu
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