We got a pretty good rejection from the short-term strong area, which ended up with a bearish candlestick pattern called bearish Engulfing.
I have to put it up quickly. I'll make an update about what is the criteria and etc.
Stronger sell confirmation should come after the candle close below the short-term counter trendline.
EDIT:
The market situation is a bit risky but we should have a pretty good opportunity to short it. The last 1H candle gave an indication that the selling pressure may have pretty solid because the rejection came from technically a pretty strong area:
1. From Fibonacci retracement levels 38% and 50%
2. From Fibonacci Extension level 127%
3. Channel upper trendline worked as a resistance
4. AB=CD waves.
5. The round number $12,000
6. And the rejection ended up with bearish candlestick pattern called "Bearish Engulfing"
The first target should stay around $11,200-300 and the second target is $10,000.
More secure trade entry would be after the candle close below the counter trendline, below the blue line and below the $11,000. So, wait for that!
Trade becomes invalid after the price gets a 1H candle close above the orange line.
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my idea post by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido
I have to put it up quickly. I'll make an update about what is the criteria and etc.
Stronger sell confirmation should come after the candle close below the short-term counter trendline.
EDIT:
The market situation is a bit risky but we should have a pretty good opportunity to short it. The last 1H candle gave an indication that the selling pressure may have pretty solid because the rejection came from technically a pretty strong area:
2. From Fibonacci Extension level 127%
3. Channel upper trendline worked as a resistance
4. AB=CD waves.
5. The round number $12,000
6. And the rejection ended up with bearish candlestick pattern called "Bearish Engulfing"
The first target should stay around $11,200-300 and the second target is $10,000.
More secure trade entry would be after the candle close below the counter trendline, below the blue line and below the $11,000. So, wait for that!
Trade becomes invalid after the price gets a 1H candle close above the orange line.
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my idea post by hitting the "LIKE" button, it is my only fee from You!
Best regards,
Vaido
Order cancelled:
The counter trendline is still alive but the setup is not the same anymore!
See you in Monday! I need to collect more data to make more accurate decisions!
Regrads!
See you in Monday! I need to collect more data to make more accurate decisions!
Regrads!
Comment:
New BTC post!
Actually, the counter-trendline break played out decently but anyway here is the new deep down analysis:
Regards!
Actually, the counter-trendline break played out decently but anyway here is the new deep down analysis:
Regards!
To get a more secure trade entry: wait for a 1H candle close below the short-term counter trendline!
Regards!