Short

Updated

Waiting for channel break!

Whole movement seems to be manipulated as I said in previous idea. I'm still out of position. MY setup for this will be waiting to break a channel then wait to retest back and i will enter a short position with nice RRR as follows

1st target the long support line
2nd target 0,5-0,618
3rd target 0,618-0,786

Follow me on twitter: @realMarketMage

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RSI is showing a weakness.

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Be careful stop loss hunting and liquidations are very possible to happen as always.

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Bearish regular divergence on MACD, I am very curious how it will continue

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Channel has been broken, now its most important if we bounce back or not

Follow me on twitter: @realMarketMage

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Getting ready for the setup, but the real movement will happen tomorrow after markets will be opened.

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I hope you guys caught that pullback, i did. Depending how market will be strong in next moves you can adjust take profits. To be more conservative you can take porfits on 6,5K and 6K.

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Would you buy or sell this?
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Its BTC inverted.. I would buy (meaning sell)

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Could BTC break bull triangle on our inverted chart? Could potentially mean very bearish time for BTC. Lets see !

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Frequently shown another way how to watch current situation on BTC is rising wedge. I've spent a time analysing graph and there is a perfect align.

The size of the wedge is also a target from pull back which fits 0,618 Fibonacci retracement

Follow me on twitter: @realMarketMage

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We're forming a nice triangle, breakout down, which is very likely, could potentially mean next stop around 6450-6500 USD.

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Yesterday we hit that target around 6,5K and for now...

BTC is showing its power but sadly this not convinced me that we are bullish. The movement seems to be a bulltrap to jump in long positions.

If you look at it from higher time frame. The accumulation of bulls is not happening we have poor monthly volume. We hit a long trendline as a resistence and still creating lower highs and lower lows. I'm not typical EW trader but seems as creating of B in ABC corection.

I do NOT exclude bullish scenario but bearish is more likely and primary for me

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It seems we might moving in this triangle next couple of hours. Keep eyes on it

Market_Mage

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Market_Mage

Also on:

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