Hello, everyone!
As you know I am preparing to open short trade. We have already seen the bearish divergence with MACD on the 1D timeframe. It is extremely strong bearish sign. But to short the market is much more difficult to go long because of higher volatility on the tops than at the bottoms.
What I have seen to make a decision to execute the short trade? After the first downside impulse we saw some relief rally which had the multiple attempts to break through the 0.61 Fibonacci (golden pocket). There were a lot of short squeezes it means that a lot of short positions were out of the market. We can see that there are 65% of long trades on the Binance futures. My opinion that the further growth need correction. The RSI formed the bearish divergence with the price. I opened short, guys with the stop loss at $47155. Why my stop loss is below the local high. That’s why I suppose if the price will go there it go even higher.
Good luck!
