Short

DONT MISS THIS SELLING TRADE ON BITCOIN!!!

Updated

hey traders,

on bitcoin we have very nice potential selling opportunity:

on 4H chart we have almost completed bearish harmonic bat pattern.
Looking left we see that the pattern completion point matches perfectly with
a significant level of structure resistance looking left.
+RSI shows clear divergence.

on 1H chart we see that the market is trading inside a rising wedge pattern.
It is a very important pattern, which indicates weakening momentum and contraction.
Also, take a closer look at a rejection candle. This candlestick is very telling,
and indicates strong bearish pressure around 5360 level.

last, but not least:
take a look at volumes,
we see a clear weakening of volumes!

Our plan is to sell the bearish breakout of a rising wedge,
with targets based on structure
T1 - 5200
T2 - 5050

good luck!

Note

I received many questions concerning this trade.
So technically there are to styles of trading harmonic bat pattern:
1)aggressive - selling the market as soon as it reaches 88,6 retracement of XD leg
2)conservative -
Identify a selling zone and sell only after a confirmation signal (wedge pattern in this occasion)

Note

almost hit T1

Trade closed: stop reached

VasilyTrader

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