Heavy resistance on the log downtrend chart (will post below in an update), hitting the 50 MA, psychological resistance at 8500, approaching oversold on RSI on the 4 hour and approching 60 on the daily (reference to John Hayden's book on downtrends and RSI), C-clamp on hour double Ichi settings. All these considered I am shorting BTC and place my targets around 7900 to 8100. Stops placed above the weekly resistance (blue line).
Comment:
www.tradingview.com/chart/JmTXae43/ DAILY LOG AND downtrend resitance
Comment:
Rejection going well so far. Really looking for that 4 hour to close as an inverted hammer for candlestick confirmation of rejection.
Trade closed: stop reached:
My stop has been reached and I will not trade here until the next daily closes.