BTCUSD: Descending Triangle Quick Short To Support
Updated
Quick short from the 4hr descending triangle breakdown at $9849 when it comes around again for the third time and anticipated today or tomorrow, probably after a final rejection from 10k. Target is the base of the support area at $9275 with a tight stop loss at $10,101 (2.56%), probably initially to liquidate some overleveraged longs. All short and long-term moving averages are trending south, in bearish formation (20,50,100,200) with the RSI forming bearish divergence while getting rejected from neutral territory at 40.
Risk reward is 2.28.
Risk reward is 2.28.
Trade active
Stop loss now break even at $9,849.Note
Stop loss tightened to $9750 (+1%) in case of support from upwards sloping trend-line, as well as sequential 9's on 4hr and daily. Trade active
Stop loss moved to $9550 (+3%), getting oversold but broken support trendline.Trade closed: stop reached
Closed for 3% profit.Note
Should of kept a loser stop loss, wasn't expecting that so soon!
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