Confirmation Sell For BTC/USDBTC is trading at 47,600 and moving higher. Here are two levels on my radar:
Monthly 50% Retracement, $50,975
Monthly 38% Retracement, $46,721
Moving deeper into today’s session, I’ll be looking for price exhaustion beneath that 38% level. Here's the trade:
1) Wait for a 4-hour bar close beneath $46,721
2) Enter a short beneath $46,721
3) Initial stop above the most recent Swing High on 4-Hour chart
4) Apply a 1:1, 1:2, or 1:3 risk vs reward ratio
This is a countertrend play, so confirmation of price exhaustion is a must.
