BTC Short Setup
Entry: $37606.46
TP & RR: $31746.82 (2.67)
Stop Loss: $39798.56
REASONS FOR THE TRADE
Market Flow indicator approaches the overbought area, as well as the price reaches the diagonal trendline (formed as a result of two bottoms and one top).
There was also a massive short order opened on the 31st of January, which should have been some big whale with insider knowledge. I wouldn't put all my eggs in the basket relying solely on this, but the confluence of factors tells me that opening a short order is the reasonable thing to do here.
Entry: $37606.46
TP & RR: $31746.82 (2.67)
Stop Loss: $39798.56
REASONS FOR THE TRADE
Market Flow indicator approaches the overbought area, as well as the price reaches the diagonal trendline (formed as a result of two bottoms and one top).
There was also a massive short order opened on the 31st of January, which should have been some big whale with insider knowledge. I wouldn't put all my eggs in the basket relying solely on this, but the confluence of factors tells me that opening a short order is the reasonable thing to do here.