BTC Short Trade|Rising Wedge|Resistance Confluence|Price Action
Evening Traders,
Today’s Analysis – BTCUSD – a short trade is valid at major resistance confluence
Points to consider,
- Dynamic resistances converging
- .618 Fibonacci objective ( bearish resistance of dynamic resistance)
- Price Action in a Rising Wedge pattern
- Stochastics divergence
- Bull impulses (No follow through)
The .618 Fibonacci is the objective for this trade; price is likely to wick there for a liquidity grab as this is a clear trade location on the chart with key dynamic resistance confluence.
Price Action is currently trading in a rising wedge which has a greater probability of breaking down.
The stochastics has a valid bearish divergence, which has technically played out; this shows weakness in the market.
Furthermore all bull impulses have been sold into, another impulse above local resistance is likely to be a wick into the .618 Fibonacci area.
Overall, in my opinion, a short trade is valid at the .618 Fibonacci. The immediate trend is bearish; any rallies are to be sold into until the recent high is taken out at around $9796.5
What are your thoughts?
Thank you for following my work!
And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
Today’s Analysis – BTCUSD – a short trade is valid at major resistance confluence
Points to consider,
- Dynamic resistances converging
- .618 Fibonacci objective ( bearish resistance of dynamic resistance)
- Price Action in a Rising Wedge pattern
- Stochastics divergence
- Bull impulses (No follow through)
The .618 Fibonacci is the objective for this trade; price is likely to wick there for a liquidity grab as this is a clear trade location on the chart with key dynamic resistance confluence.
Price Action is currently trading in a rising wedge which has a greater probability of breaking down.
The stochastics has a valid bearish divergence, which has technically played out; this shows weakness in the market.
Furthermore all bull impulses have been sold into, another impulse above local resistance is likely to be a wick into the .618 Fibonacci area.
Overall, in my opinion, a short trade is valid at the .618 Fibonacci. The immediate trend is bearish; any rallies are to be sold into until the recent high is taken out at around $9796.5
What are your thoughts?
Thank you for following my work!
And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
Join my free telegram! t.me/chartdoctorsanconsultants
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