BTC short idea
Updated
A bearish pennant has formed on BTCUSD. A possible way to play would be to enter a short with a stop limit under the lower border of the pennant with a max target of around 450-650 points, depending upon where you measure the height of the flagpole. (Target could be less because of multiple strong support levels present along the way - 8800 or 8900 might be a more conservative and reasonable target as well). Aggressive traders may just enter the short now and have a stop loss order above the upper border of the pennant.
Trade closed: target reached
I closed this Out at 8850, midway between the 8880/8900 mentioned above.Note
Interestingly, another bearish pennant is present on the 30-min chart. Currently the lower border is around 8940. May look to go short again if it cannot break and hold above the new pennant upper border.
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.