BTC day trade set-up!

We can see on the hourly that a bearish pennant has formed quite nicely - with 3 touches on the upper trend line and 2 now (awaiting this hourly close) on the support line. NB: trade will be negligible if candles fall outside of the pennant.

That said:

1/ Long from support line to overhead resistance 8.25k (if feeling risky, 8.4k) - this has nice confluence as well with the close of the bearish pennant.

2/ Short from 8.25k till support of 7.8k (if feeling risky, 7.6k) - be cautious however, set tight S/L if buying power pushes through 8.25k.

*Not financial advice*

Comment:

The trend has the right idea, however this is probably more like a bear flag vs pennant. Either way, both are bearish plays and should see a break to the downside.

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Comment:

AND... I WAS RIGHT!