BTCUSD / Short Setup IF Breakdown THEN Target Confluence Zone.
Updated
BTCUSD is sitting in a perfect setup for a day trade. A nice target is made if you take a cluster of several trends, patterns, fib retracement, and support/resistance. IF price breaks down below the current support level, your entry would be somewhere below the previous candle low. The confluence target zone consists of a descending/falling wedge trend line, fib retracement level 76.4%, long term daily upward trend line, and prior structured support/resistance. This will be an area where order-books are stacking up for take profit and reversal. If the move down collects enough volume the break down could be a similar wash out as the prior two dumps of the descending/falling wedge. It should also be noted that a descending/falling wedge is biased to a bull continuation after the pattern completes and breaks out to the upside. Always have a plan B for this possible long scenario.
-Jared
-Jared
Trade active
Make sure to manage your active trade. Move your stops from a loss to a profit and start thinking about scaling out.Trade active
Price is in the fib zone and on the trend line. Things could get slippery here while bulls and bears work out where price goes big next.Trade closed: target reached
Excellent setup. Look for the next one. It's possible this move could go more, so move stops to protect from a bounce.
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