$BTC potential short trade setup 05/08/2022 (technical difficulties…)

Trade is no longer possible but updating for the educational value.

On ByBit's platform, by default you are permitted to hedge your trades and maintain long & short positions on the same trading pair.

The shorting opportunity that I am seeing is that the price seems to be obeying the resistance of the perceived downward sloping (orange) trend line, originating from the peak in April.

As seen in the last picture the projected intersection of the daily candle and the trend line is located at $23,445.

My short entries: 
1. $23,445 (orange trend line intersection)
2. $23,655 (previous high)
3. $24,182 (previous high)
4. $24,481.5 (white trend line intersection)

Invalidation (stop loss): $24,500

Update 1. (9:00 UTC -4)

I am unable to access ByBit at the moment via the desktop, but can still via the phone. While writing this post, the first short order was filled and I managed to put a SL at $23,000.

Update 2. (9:20 UTC -4)

Cleared my cache and fired up my VPN: able to connect again…

As you can see we were rejected almost exactly off the trend line, I will now cancel my outstanding short orders and resume to reevaluate options as the price waxes and wanes.

Will update you on new opportunities when I perceive them.

The green horizontal lines are buy orders that I have maintained since Monday in case of a pull back to the daily trend line, shifting and realigning with the intersection with each day's candle, putting the largest buy order on the wick/red trend line and the stop loss just after the red trend line.

This strategy played out perfectly yesterday. However, I did not carry it all the way back up to $23,000 and aggressively advanced my SL, allowing myself to get stopped out in profit expecting a return to my buy zone…

The technique that I use when laddering in my orders is to have each subsequent order be double the preceding, this ensures that the entry is scaled back significantly, and if you are stopped out; your losses are minimal.

DYOR/Charting

Just sharing what I am seeing/doing,

Banter on, Banter Strong!
✌️