BitcoinShort
Bitcoin XBT same old pattern once again part4
Updated
hey guys welcome to a fresh new Bitcoin XBT update, before moving ahead if you're not familiar with my same old pattern series, than i would recommend you to do check it out first, click below to see the last part or check my profile for more, and don't forget to follow an like me:)
now before moving to above chart, lets have a look for some other facts
the weekly chart of Bitcoin shows that, prices have rejected from 12000 level in last 3 candles, and now we're making the first candle completely below 12k, indicates for a downtrend, in that case 21 weekly EMA will be the first major support around 8000
daily chart shows weakness of bulls to keep moving the prices higher
100 and 200 MA resistance in 4h chart
MACD and RSI showing Hidden bearish divergence in lower degree charts
right now you'll also notice that how prices are playing with traders mind, in last few hours we've already seen lots of pump and dump wicks which resulted almost no fixed direction for prices this type of suspicious traps mostly occurs on weekend, and it doesn't matter whether you're long or short, both sides have been rekt
have a look at this triangular formation, how prices slightly grow in the end of the formation, takes fomos in confidence for a bullish breakout, but the end result is completely
have a look at this blue formation which is different from top pink pattern, there's an attempt to structure an inverse head and shoulder pattern to trap buyers, and the end result is disastrous
now moving towards the above chart, the same old pattern doesn't follows the previous price actions precisely, but the way prices act is completely similar in each pattern, first we get a 5 wave structure towards downside and then a trapy structure which acts as a corrective wave B or X, mostly forms a triangular formation, and then the climax wave C to push the prices deliberately more lower.
now there's a high probablity for this kind of price formation, coz prices have followed this pattern in past too, but in case if am wrong than having a stop loss is a much better idea.
before going do follow and like our idea to support us
thankyou:)
Short #XBTUSD with 5-10x of leverage from 10800 - 10500
T1 9900
T2 9500
T3 9100
T4 8500
T5 7800
SL 11200
now before moving to above chart, lets have a look for some other facts
the weekly chart of Bitcoin shows that, prices have rejected from 12000 level in last 3 candles, and now we're making the first candle completely below 12k, indicates for a downtrend, in that case 21 weekly EMA will be the first major support around 8000
daily chart shows weakness of bulls to keep moving the prices higher
100 and 200 MA resistance in 4h chart
MACD and RSI showing Hidden bearish divergence in lower degree charts
right now you'll also notice that how prices are playing with traders mind, in last few hours we've already seen lots of pump and dump wicks which resulted almost no fixed direction for prices this type of suspicious traps mostly occurs on weekend, and it doesn't matter whether you're long or short, both sides have been rekt
have a look at this triangular formation, how prices slightly grow in the end of the formation, takes fomos in confidence for a bullish breakout, but the end result is completely
have a look at this blue formation which is different from top pink pattern, there's an attempt to structure an inverse head and shoulder pattern to trap buyers, and the end result is disastrous
now moving towards the above chart, the same old pattern doesn't follows the previous price actions precisely, but the way prices act is completely similar in each pattern, first we get a 5 wave structure towards downside and then a trapy structure which acts as a corrective wave B or X, mostly forms a triangular formation, and then the climax wave C to push the prices deliberately more lower.
now there's a high probablity for this kind of price formation, coz prices have followed this pattern in past too, but in case if am wrong than having a stop loss is a much better idea.
before going do follow and like our idea to support us
thankyou:)
Short #XBTUSD with 5-10x of leverage from 10800 - 10500
T1 9900
T2 9500
T3 9100
T4 8500
T5 7800
SL 11200
Trade active
Trade closed: target reached
T1 9900 achieved, +80% profits with upto 10x of leverage, as expected buyers are trying to secure 9870 level but the force doesnt looks enough for a bullish rally, maybe they could achieve to push the prices upto 10350, but it will tough for them to keep moving above this level, let's seeTrade closed: target reached
T2 9500 achieved +112% profits guys, keep supporting:)
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.