BTC | Short H4 | Market Exec |Crypto Toppish For Now

5 thg 5, 2024

Technical Confluences for Trade:
- Stochastics are in Overbought Conditions on H4 time-frame
- Price action is close to a Resistance Trendline
- Price action is close to a 200 EMA (still bearish for now)
- Price action is in a consolidation zone
- Targeting the 61.8% Fibo retracement

Fundamental Confluences for Trade:
- Nothing new in the Crypto space to start any new hype to enter the market
- Crypto ETF craze has passed; wait for the next one maybe for ETH

Suggested Trade:
Entry @ Area of Interest 62,700 - 65,300
SL @ 68,042
TP 1 @ 59,200 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 53,685
Risk-to-Reward @ Approx. 2.27 (Depending on Entry Level)

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Disclaimer: The above suggestion is an personal opinion in general and does not constitute as investment advice. Any decisions taken based on the above suggestion is purely your own risks.

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