BTC Swing Short : Contrarian Strategy or Risky Move?
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The author has maintained a bearish stance on BTC for some time, favouring contrarian moves by buying supports. However, they believe the current rally is weak, and BTC may soon reverse.
The market sentiment appears fragile, especially in the crypto space, which has driven the author to focus on short positions in altcoins like COIN and ETH.
BTC tends to spike unpredictably, making it difficult for traders. Three strategies are proposed: continue trading as usual, stop trading BTC entirely, or widen stops, which could lead to inconsistent profits.
The current chart suggests a Gartley pattern, though it is deemed less reliable. If this is a true turning point for BTC, it might be an excellent risk-to-reward setup for a short position.
Conclusion :
BTC may be nearing the end of its rally, and a bearish reversal could be imminent. This could offer a potential shorting opportunity, but traders must be cautious of the unpredictability of BTC movements.
Advice for Traders and Investors :
- Be mindful of BTCâs volatile nature and spike patterns.
- Consider focusing on altcoins or broader markets if BTC feels too tricky.
- Weigh the risk-reward ratio carefully before taking short positions on BTC.
