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BTC-ETH-XRP

Short Gold 4HR divergence. Rising wedge reversalHere we can see gold has made a divergence on the 4 hr charts on the RSI and MACDH. This is a nice sell just short of $2000. There is potential to ride this down over $150 to near the green support line if the wedge breaks. We should be careful though as there are two support zones inside the wedge. If these break though they will act as good resistance for the wedge to properly break. Sometimes rising wedges continue to move up slightly before the break so placing a stop loss just above the psychological $2000 level might be a good idea. Nice 1hr reversal candle a few hours ago (spinning top) so we may actually have the top without the wedge needing to go any higher. Also we had a fake breakout as expected of the double top. I know a lot of traders attempted to short an imaginary double top yesterday, which was a really bad idea. Double tops are only double tops when the neckline properly breaks. Here on the daily charts we can see just how overextended gold is from its daily moving averages another great sign Gold may have topped out here. Stop loss at $2002 take profits in first support zones then if possible all the way down at $1818 Please take time to leave a like if you don't mind and follow for regular updates on this trade on this post. Come back and check the post again to see how the trade progresses
TVC:GOLDShort
by breakoutfakeout
2