XBTUSD has broken to the bottom of the H4 ascending triangle structure that we have been forming since the start of August 2020. Since then, we have re-tested the underside of the trend and rejected, and have progressively been making lower highs and lower lows.
We have now formed a parallel channel, creating a trending short opportunity, with a target at the bottom of the range at 10,560.
There are 3 major potential Gann based S9 pivot points coming up. The price action response during this window will determine whether this setup is invalidated. There is also a potential double bottom forming at the centre of the range. A break and close above 11,629 will invalidate the short opportunity.
We have now formed a parallel channel, creating a trending short opportunity, with a target at the bottom of the range at 10,560.
There are 3 major potential Gann based S9 pivot points coming up. The price action response during this window will determine whether this setup is invalidated. There is also a potential double bottom forming at the centre of the range. A break and close above 11,629 will invalidate the short opportunity.