XTZ Short Setup
Bijgewerkt op: 8 feb. 2022
See below video for a HTF to LTF breakdown for a short setup on Tezos (XTZUSDT)
Update Feb 4:
While the video used the Binance chart, I had to take the trade on FTX, since I can't take derivs trades anymore since I'm Dutch. LOL. So below chart, updated to FTX PA.
BTC showing quite some strength, however no confirmed break of the earlier level and high.
Now, price is facing resistance from several levels: 1) Bearish Chuvashov's Fork (learn everything on that here), blue dotted lines
2) H4 level which breakdown caused the last sell-off, horizontal red dotted
3) The main resistance level from 69k ATH , diagonal red dotted
And right above is the H4 bearish block
And while BTC is going up since opening my XTZUSDT short, I'm in tiny profit since XTZBTC is showing weakness after yesterday's rally up.
For sure, my short setup will be invalidated if BTC breaks that 39k level, but that's OK.
Update Feb 7:
Was preparing to close the trade, since BTC PA was too bullish.
I finally closed the trade after BTC broke the 43k level, anticipating XTZUSDT to follow.
Result: - 0.3R
Btw, overall setup is still valid at this key level.
So if price offers a decent setup, I am planning to re-open a new short.