100 day moving average and triangle broken on the down side
BTC price has just broken out of the symmetrical triangle on the down side, which happens to be the 100 day moving average too.
Short entry: 9600
Stop loss : 10500
Target profit 1: 8000 (at which level the 200 days moving average and 100 weeks moving average are expected to be when the price reach there)
Target profit 2: 5500 (the 200 weeks moving average. Also, the height of the double top, from ~ 13k-14k range to 9k5 range, which is approximately 4k. Deducting that height from the baseline (9.5k) gives us the target for the double top at 5k5)
Recommendation:
Short entry: 9600
Stop loss : 10500
Target profit 1: 8000 (at which level the 200 days moving average and 100 weeks moving average are expected to be when the price reach there)
Target profit 2: 5500 (the 200 weeks moving average. Also, the height of the double top, from ~ 13k-14k range to 9k5 range, which is approximately 4k. Deducting that height from the baseline (9.5k) gives us the target for the double top at 5k5)
Recommendation:
- I'd suggest closing 2/5 of your position at 8000, then set the stoploss for the rest of your position to 9500 (break even, accounted for slippage)
- If price ever reach 5k5, it's more likely that it will drop even lower. Hence, after you've closed the rest of your position at 5k5, DO NOT ENTER A LONG POSITION.
Trade closed: stop reached