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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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.