Yesterday, I gave you 4 scenarios.
For now, looks like we could be going through the 1st scenario of yesterday's post (push through level but fail to close above).
This could also be seen as a deviation from the channel, which we are now back in, which was preceded by a swing failure pattern of the 48k high that was put in yesterday. So we pushed through 48k but failed to close above it (on the 1H chart).
This also comes at a time where everyone is getting really bullish, so nice timing as well.
Now, what we want to see for a confirmation of this downtrend, is loss of support : lose the channel, then lose the 2 support levels below it (43,250 ; 42,450).
I personally shorted at 47.8k after I saw that we could be getting a swing failure pattern, but my position is smaller than usual, as I normally don't trade during weekends.
If you missed the short, you could short here with a stop above channel high, but I don't fancy this setup because we are in the weekend.
Any questions?
Good luck traders
Remember not to break your rules
Habib
For now, looks like we could be going through the 1st scenario of yesterday's post (push through level but fail to close above).
This could also be seen as a deviation from the channel, which we are now back in, which was preceded by a swing failure pattern of the 48k high that was put in yesterday. So we pushed through 48k but failed to close above it (on the 1H chart).
This also comes at a time where everyone is getting really bullish, so nice timing as well.
Now, what we want to see for a confirmation of this downtrend, is loss of support : lose the channel, then lose the 2 support levels below it (43,250 ; 42,450).
I personally shorted at 47.8k after I saw that we could be getting a swing failure pattern, but my position is smaller than usual, as I normally don't trade during weekends.
If you missed the short, you could short here with a stop above channel high, but I don't fancy this setup because we are in the weekend.
Any questions?
Good luck traders
Remember not to break your rules
Habib
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.