Bitcoin – where to take profit?

Hello, everyone!

Massive congratulations to those who executed INSANE short positions with me. Now the price started the final bearish wave 5 with the strong bearish divergence. Today we have the question, where to take our profit and change our mind to bullish?

Let’s take a look at the 1D timeframe BTCUSDT chart of the WhiteBit exchange. The price now is staying inside the Fibonacci golden pocket. Moreover most of traders draw the trendline with the first an third touch. Consequently we can see the bullish reaction from the current price to the 1D key fractal level, but it will probably be a bull trap.

I drew the trendline with the first and second touch. In my opinion it’s the correct way. This trendline have already been broken like the key fractal level. It means that the local uptrend is over.

When we entered into position we had the stop loss aproximately 4%, now the profit is 12% = 1:4 risk to reward. It is the minimum valuse for this strategy. You can take profit now, you can close 50%, but one think you have to obligatory do is to replace your stop loss to the entry point.

Now I am waiting for the divergnence on the 1D with MACD to open massive long trade.

Good luck!

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