Here's the setup:
- Drawn support / resistance levels on the chart (30m is green, 1h is yellow, 4h is orange, daily is red) The darker the colour, the more potent the level is.
- Black dotted channel is the bear channel, I've extended this to show how the price action movement should look like in the next couple of days, should we stay inside this channel.
So last time I prepared for a movement either bullish or bearish, and this time it seems the bear won and triggered my short!
In a perfect world, the price from here should keep heading down, following the channel downwards, but we gotta prepare for an invalidation too.
Here's the game plan:
1. Aim to take profit just above the lower channel to make sure we ...
Bitcoin on the 30 minute chart is showing bullish signs however the consensus still seems to be bearish, so I would be cautious to FOMO enter now.
I drew up some supports and resistances on the chart, to show a good level to short (which is right below the support level for confirmation).
Drawing a fib retracement on the daily Ripple chart, I can see the candle materialising bang on the 61.8% level. Combined with the recent Binance news which most likely caused the crash, this could be a bullish sign.
Bitcoin on the daily chart seems to showing Double Top signs. The rule of double top says the length of the decline should be the same length as the neckline and and top. Should be a good time to short