BitcoinShort
BTC Double Top Short
Updated
Hello, first time posting. New at trading, learning the strategies and patterns.
I see a solid double top has formed and we're looking at the neckline at 9400. If it crosses that, then we could short with a stop loss at the top of the peak (11700) and a target of 7100.
I'm still new and shorting is too risky for me atm, but I did sell my position already near the peak of the second top. Had a feeling and once it stated to drop I got out. Looking to see when it will bottom out so I can buy back in.
I see a solid double top has formed and we're looking at the neckline at 9400. If it crosses that, then we could short with a stop loss at the top of the peak (11700) and a target of 7100.
I'm still new and shorting is too risky for me atm, but I did sell my position already near the peak of the second top. Had a feeling and once it stated to drop I got out. Looking to see when it will bottom out so I can buy back in.
Note
Oh, and the trend lines are from the 1y path. Looking at the long term trend. We're still above that, so I think breaking the neckline and dropping back down into the 7000-9000 range is likely.I love how the bottom of the long-term correction hit happened to hit 6000 right at the long term lower trend line. Anything below 8,000 seems to be a great investment buy.
Since the recent dip was new oriented, we'll probably see some correction upwards first to the 103000ish area, and then finally a down below the neckline and a plunge down to sub 9000.
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