Time to profit like our fathers! Three short entry positions BTC
Updated
GeekChartZ (Chart reading made Simple)
The moment we have all been waiting for to take a short position in BTC!
Supply zones....Entry Short Opportunities
T1 7388-7475
T2 7624-7695
T3 8083-8178
Support-
support is a price level where a downtrend can be expected to pause due to a concentration of demand.
As the price of a security drops, demand for the shares increases, thus forming the support line.
Trend line-
A downtrend, which is a series of lower highs and lower lows
Chart pattern-
descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern.
There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns.
price action-
Identified where Banks and Institutions were buying
Trade closed: target reached
Our first target was hit..... Great! price has now dropped to our support line as expected! We now have a higher lower and slowly closing our descending triangle pattern. We may have consolidation for a while which is ok, however we need to look for reversal patterns such as double bottoms. If you look closely the past two times price hit our support line it formed two double bottoms. Once we have identified that we may go up one more time creating another lower low and than we will wait and see if BTC is truly taking off to the down side.
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