• A trader executed a full-size short position on WIF based on short-term Bitcoin movements, despite USD pairing not reaching the target.
  • The trader’s strategy involves taking profit in the “green zone” but ultimately aims for WIF to decline below $1.
  • This trade demonstrates the importance of monitoring multiple market pairings and using short-term movements in major assets like Bitcoin to inform broader trading strategies.

A trader recently disclosed a carefully planned short position on WIF, a cryptocurrency, after observing market conditions over the past week. The trader confirmed that they have increased their position, entering a full-size short. While the USD pairing has not yet reached the trader’s short target, the BTC pairing has already hit the upside target, prompting the decision to execute this position based on short-term movements in Bitcoin.

Short Position on WIF

The trader has stuck to his guns with his short position for WIF , blaming a BTC pairing for achieving the targeted upside. Although the USD pairing failed to reach the intended short target by a whisker, the trader was optimistic about the contest. Based on the analysis provided herein, short term momentum in the Bitcoin price was sufficient to create the right conditions for taking the full short position on the WIF.

Patiently waited over a week for this setup to present itself.

I've added on to my position and am now short $WIF with a full position size.

While we have fallen a little short of my USD short target for now the BTC pairing has hit my upside target at this time and that along… https://t.co/qX7RFfO9Gz pic.twitter.com/CK0JC9Lsoi

— CrediBULL Crypto (@CredibleCrypto) October 13, 2024

Key Insights on WIF ,Strategy and Profit-Taking

Ahead of the trader pointed towards taking profit inside the green zone, which has a bounce back signal. I assigned the ‘green zone’ to the critical level where market odds remain in temporary favor. Still, as we have explained, the potential bounce is not what the trader is after and their goal is to see WIF decline once more below $1 targeting the range lows more generally.

The current setup has been in the making more than a week and this shows the trader’s willingness to wait for formation of the right market. These specifically include the increase in market volatilities in the interactions between WIF/BTC and its underlying cryptographic technology, Bitcoin. 

Read CRYPTONEWSLAND on google news

This trade shows the need to track many market pairings and use short-term orientation in heavily weighted assets such as Bitcoin as a way of triggering more general trading strategies.

disclaimer read more

Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.