BTC/USD Short: FibCloud Rejection and 200MA Target
2024-12-23
Category: None

On the 8-hour BTC/USD timeframe, I have executed a short position following a clear rejection from the FibCloud, signaling strong resistance at this level. The price action showcases a classic flip of old support into new resistance, further solidifying bearish momentum.
My target for this trade is the $90,000 price zone, aligning with the 200MA on the 8-hour chart. Additionally, order flow data confirms significant sell-side activity, with large orders clustered between the $90,000 and $89,000 levels, providing further confluence for this setup.
The trade is structured to capitalize on the retracement move, with the potential for price consolidation or reversal upon hitting the $90K psychological and technical support zone.

 Technicals: 
	•	Entry Trigger: Rejection from FibCloud and resistance flip.
	•	Target: $90,000 (aligned with the 200MA and key order flow levels).
	•	Stop Loss: Positioned above the FibCloud to mitigate risk.
	•	Order Flow Insight: Large sell orders between $90,000–$89,000 add weight to the bearish scenario.

This setup emphasizes a disciplined approach to risk management, leveraging technical and order flow alignment for optimal execution. Stay sharp, and remember to pay yourself!

 Note: Please remember to adjust this trade idea according to your individual trading conditions, including position size, broker-specific price variations, and any relevant external factors. Every trader’s situation is unique, so it’s crucial to tailor your approach to your own risk tolerance and market environment.