Crypto Thoughts 02-07-24

ATOM is currently in a downtrend. I am looking for price to hit the FIB retracement level of .705 of 8.20. There is liquidity at 9.73. I would look to take a short at that level if it sets up. Will be looking at price to take out liquidity on the 4H at 9.73 and then let’s see what price does on the lower time frame. Could set a short entry at 9.63 with a SL of 9.823, but it may take a couple tries to get in. I’m looking at a 3.6R set up in this scenario. TP at 8.80. The smarter thing to do would be to wait to see what price does at that level and enter after a trigger. (Trigger being BOS on 15min or 1H.)