The bearish BTC case
Updated
BTC currently at the terminal price point of a bearish ABCD pattern inside of a rising wedge (another bearish pattern). Multiple bearish divergences from volume to RSI to MFI (and MACD, not shown). Previous sloping resistance from last major corrective move is currently up against price. All I see is shorts. My SL is red line, just above wedge. My targets are the 0.382, 0.618, the A point, and 1.618 fib level retracements of the ABCD pattern.
Note
Trade TP1 hit! Will be more than 50% out of trade by TP2. SL now in slight profits.Attempts to break and hold the diagonal support failed and rejected. SL came close, but held, a bit of a nail biter lol.
Broke below the rising wedge, back tested briefly and rejected.
Downward trend started on the 1.618 time Fib as expected, keep an eye on the 2.618, could be a reversal of trend.
Note
Now at TP2. This pattern could be technically complete, and I am 60% out with SL deep in profits. Keeping the rest open as a hedge until TP 3 and 4.
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