Symmetrical triangle broken to the down side! Short target $4600
The symmetrical triangle since September this year has been broken to the down side with notable volume. All of the 20, 50, 100 and 200 day moving averages are above the closing price on breakout day. Enter on the short side at $6200 with stop loss at the $6500 to $6600 range.
_ First target is around $5400 - $5700, which is the breakout price minus the height of the triangle. Depend on your exact stop loss and exit point, risk/reward ratio is approximately 1 : 1.75
_ Second target is around $4400 - 4700, which is the high in September last year. $4400 is also the critical Fibonacci level since btc recovered from 2014 crash. Additionally, a drop of $2000 from $6400 to $4400 is equal to the drop preceding the symmetrical triangle from $8400 to $6400. risk/reward ratio is approximately 1 : 4.5
Good luck, have fun trading.
_ First target is around $5400 - $5700, which is the breakout price minus the height of the triangle. Depend on your exact stop loss and exit point, risk/reward ratio is approximately 1 : 1.75
_ Second target is around $4400 - 4700, which is the high in September last year. $4400 is also the critical Fibonacci level since btc recovered from 2014 crash. Additionally, a drop of $2000 from $6400 to $4400 is equal to the drop preceding the symmetrical triangle from $8400 to $6400. risk/reward ratio is approximately 1 : 4.5
Good luck, have fun trading.
Trade closed: target reached:
First target reached, I'd recommend partially closing half of the position. However, if you want to enjoy the thrill of reaching 2nd target, feel free to do so.
Trade closed: target reached:
Second target reached: hope you enjoyed the ride