BTCUSDT - Probable Short Opportunity Amidst Key Technical Signal
Resistance Rejection: Price rejected at a horizontal resistance zone, showing bearish pressure with wick formations indicating seller dominance.
Trendline Respect: Price respects a descending trendline, supporting bearish continuation probabilities.
EMA Confluence: Below the 50 EMA, signaling weakening bullish momentum.
Volume Decline: Reduced buying volume suggests fading demand, aligning with bearish sentiment.
Indicators Align Bearish:
RSI trending downward near midline.
MACD showing a potential bearish crossover.
Risk/Reward: Favorable 2.09 ratio, with clear invalidation above resistance and significant downside potential.
Cloud Base Test: A break below the Ichimoku Cloud base could accelerate bearish movement.
Probabilities:
Bearish Continuation: ~65%.
Bullish Recovery: ~35%.
Plan:
Entry: On a breakdown below horizontal support.
Stop Loss: Above resistance.
Target: Next support zone or lower trendline.
Multiple confirmations favor a short trade setup. Manage risk effectively.
Trendline Respect: Price respects a descending trendline, supporting bearish continuation probabilities.
EMA Confluence: Below the 50 EMA, signaling weakening bullish momentum.
Volume Decline: Reduced buying volume suggests fading demand, aligning with bearish sentiment.
Indicators Align Bearish:
RSI trending downward near midline.
MACD showing a potential bearish crossover.
Risk/Reward: Favorable 2.09 ratio, with clear invalidation above resistance and significant downside potential.
Cloud Base Test: A break below the Ichimoku Cloud base could accelerate bearish movement.
Probabilities:
Bearish Continuation: ~65%.
Bullish Recovery: ~35%.
Plan:
Entry: On a breakdown below horizontal support.
Stop Loss: Above resistance.
Target: Next support zone or lower trendline.
Multiple confirmations favor a short trade setup. Manage risk effectively.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
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.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
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.