Bear trend continuation - Short BTC 4H
Updated
Will look to short 
BTCUSD if price manages to complete a double top at the red arrow. Provides a good risk/reward with a high probability short setup.
Potential reasons for entry:
Outside return could act as resistance
Potential double top (with bearish divergence on RSI)
Top of Bollinger band
Top of the falling wedge pattern
Trend continuation
Stop loss: 1 ATR above outside return. A candle close above the highest point of the outside return would violate the bear trend on the 4H
3:1 reward to risk ratio
Take profit: 1st target will be at the new structure low
BTCUSD if price manages to complete a double top at the red arrow. Provides a good risk/reward with a high probability short setup.Potential reasons for entry:
Outside return could act as resistance
Potential double top (with bearish divergence on RSI)
Top of Bollinger band
Top of the falling wedge pattern
Trend continuation
Stop loss: 1 ATR above outside return. A candle close above the highest point of the outside return would violate the bear trend on the 4H
3:1 reward to risk ratio
Take profit: 1st target will be at the new structure low
Trade active
Down to the 1 hour TF, there is a potential Bat pattern with the D completion at the short zone.
Added confluence to the short trade.
Note
Made a mistake on identifying the pattern. It's suppose to be a bearish Gartley as opposed to bearish Bat pattern.Potential Gartley with D completion at 1.272 fib ext A-B (4487.9 USD)
Note
Order cancelled
Potential Gartley invalidated with C leg violating A.
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