BitcoinShort
BTCUSD
BEARISH PENNANT FLAG PATTERN
TEST OF PREVIOUS LOWS
Price breaking through the $4200 and stay above it was rejected and pushed to test some previous low support levels.
The bearish pennant flag pattern has been spotted on the 45mins time frame, price currently consolidating inside the flag
The volume has reduced as well(one thing to take note of) and price is always reversing on reaching the resistance and support trendlines, this touches makes it more likely to move lower after a breakout to the down side.
The confirmation for a breakout to the downside will only be valid when price closes below the support level.
VERDICT:
SELL/SHORT: $3843
BUY:$3797 down to $3684
STOP LOSS: $3908
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
TEST OF PREVIOUS LOWS
Price breaking through the $4200 and stay above it was rejected and pushed to test some previous low support levels.
The bearish pennant flag pattern has been spotted on the 45mins time frame, price currently consolidating inside the flag
The volume has reduced as well(one thing to take note of) and price is always reversing on reaching the resistance and support trendlines, this touches makes it more likely to move lower after a breakout to the down side.
The confirmation for a breakout to the downside will only be valid when price closes below the support level.
VERDICT:
SELL/SHORT: $3843
BUY:$3797 down to $3684
STOP LOSS: $3908
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
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.