$BTC/USDT 8h (#Bybit) Bearish flag breakdown and retest
Updated
Bitcoin has lost the ascending channel support and seems likely to resume the down-trend after pulling back to 100EMA resistance.
⚡️⚡️ #BTC/USDT ⚡️⚡️
Exchanges: ByBit USDT
Signal Type: Regular (Short)
Leverage: Isolated (2.0X)
Amount: 12.5%
Current Price:
21478.0
Entry Zone:
21924.0 - 22956.0
Take-Profit Targets:
1) 20123.0
2) 18513.0
3) 16903.0
Stop Targets:
1) 24229.0
Published By: @Zblaba
Risk/Reward= 1:1.3 | 1:2.2 | 1:3.1
Expected Profit= +20.66% | +35.00% | +49.34%
Possible Loss= -15.94%
Fib. Retracement= 0.618 | 0.883 | 1.117
Margin Leverage= 2x
Estimated Gain-time= 1 month
Tags: #BTCUSDT #XBT #WBTC #BTCB #Blockchain #PoW #Mining #Satoshi
Website: bitcoin.org
Contracts:
#Mainnet
[...]
⚡️⚡️ #BTC/USDT ⚡️⚡️
Exchanges: ByBit USDT
Signal Type: Regular (Short)
Leverage: Isolated (2.0X)
Amount: 12.5%
Current Price:
21478.0
Entry Zone:
21924.0 - 22956.0
Take-Profit Targets:
1) 20123.0
2) 18513.0
3) 16903.0
Stop Targets:
1) 24229.0
Published By: @Zblaba
Risk/Reward= 1:1.3 | 1:2.2 | 1:3.1
Expected Profit= +20.66% | +35.00% | +49.34%
Possible Loss= -15.94%
Fib. Retracement= 0.618 | 0.883 | 1.117
Margin Leverage= 2x
Estimated Gain-time= 1 month
Tags: #BTCUSDT #XBT #WBTC #BTCB #Blockchain #PoW #Mining #Satoshi
Website: bitcoin.org
Contracts:
#Mainnet
[...]
Trade closed: target reached
TP1'd have been reached with up to +21.56% (2x)Bitcoin did confirm the bearish breakdown, unfortunately 1st entry was missed by 44$...
Quite frustrating since we had 2 wicks up before the dump, but nice to see we were rightly biased!
A falling wedge is forming but no sign of true reversal yet, more downtrend seems likely short-term.
Trade closed: target reached
TP2'd have been reached with up to +31.32% (2x)Bitcoin continued with the downtrend, retesting the tip of the wedge as forecast.
If you entered short last week, don't forget to partially TP and move SL to entry for the remaining position!
Trade active
1st entry filledBitcoin is retesting supply zone and 200MA resistance, RSI looks overbought, expecting a rejection here.
Trade active
2nd entry filled and downBitcoin almost hit 3rd entry then got rejected as expected, up to +12.30% (2x) profit so far.
Trade closed: target reached
TP1 finally reached with +20.66% (2x) and +1.3RBitcoin continued with the retracement down, losing 50MA support (gray).
Next target is in play, SL adjusted above highest entry (22957$) to protect the trade!
Trade closed: target reached
TP2 reached with +35.00% (2x) and +2.2RBitcoin was not able to regain 50MA as expected and went for 2nd target again!
Final one is still in play, SL adjusted to lowest entry (21924$) and let it be.
Trade closed: target reached
🎯TP3 reached with +49.34% (2x) and +3.1RBitcoin finally went for final target without kicking us out, patience paid-off.
RSI is way oversold now and a bounce seems likely, that trade is fully closed!
#BTC #BTCUSDT #XBT #WBTC #BTCB #Blockchain #PoW #Satoshi
Related publications
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.