Short

BTCUSD-Going Short A La TomDemark Style

Updated

Here goes my first.

After reaching $6,750 resistance level the RSI formed a Bearish divergence indicating a possible drop in price.
Price dropped and a small pullback i saw the opportunity to sell using Tom Demark trendlines .

Connected the recent swing low to the last swing low and waited for price to close below the trendline to project the take profit target.

Distance from the highest point above the trendline down to the trendline that would be our projected target.
After the candle close below the trendline there's where i connect my projected target.

TP: $6,350
SL: $6,675

Note

After a 50% retracement price broke below trendline.
We could even see a drop to $6,200 support level.
First we''ll have to see if $6,350 level holds.

perfcrypto

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