BitcoinShort
Very Strong Level of Resistance -- Lovely Set-up
Updated
As you can see, 4 hour candles break below support level and fail to close above after retesting this level (highlighted in orange) nearly four times. Previous to that is a head and shoulders pattern bouncing off of a long term trend-line I have marked up on the daily chart, creating a lower high, continuing the downtrend.
Additionally, price respects the neckline of the head and shoulders pattern coupled with a perfect 38.2 retracement from the previous swing high.
Additionally, price respects the neckline of the head and shoulders pattern coupled with a perfect 38.2 retracement from the previous swing high.
Trade active
Note
If price can break this support, the next ride should be smooth sailing
Note
Trade closed: target reached
The first entry on this trade was closed at +350 profits after failing to close below the support zone on the 4 hour. However, a new position has been taken based on the screenshot I have posted above.Trade active
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