Heavy resistance on the log downtrend chart (will post below in an update), hitting the 50 MA, psychological resistance at 8500, approaching oversold on RSI on the 4 hour and approching 60 on the daily (reference to John Hayden's book on downtrends and RSI), C-clamp on hour double Ichi settings. All these considered I am shorting BTC and place my targets around 7900 to 8100. Stops placed above the weekly resistance (blue line).
Note
tradingview.com/chart/JmTXae43/ DAILY LOG AND downtrend resitanceNote
Rejection going well so far. Really looking for that 4 hour to close as an inverted hammer for candlestick confirmation of rejection.Trade closed: stop reached
My stop has been reached and I will not trade here until the next daily closes.
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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.