BTCUSD Sell J PatternHello Traders! After the 10 consecutive victories in BTCUSD in the month of October, we lost in my previous post. But we will again make a good winning streak with the same strategy.
In my last idea, I posted an educational post about the J pattern. In which I gave the guide on what to do after the J pattern Formation. I have attached that education Chart Below. Click the chart to view.
If we see J pattern(1) you can see it bounced back from the support area which was previously strong resistance. It is Formation 2: Bounce Back. This is the rare scenario of J pattern that I was talking about in which it bounces back from the support.
It is also a rare case where we see J pattern After the J pattern. In J Pattern(2) W1 chart we can see consecutive bullish candles, it is showing that it will give a hard drop as it happened in Gold and it will break the support without any stop. Support is lying at 10,000$ But There is a chance that it can change into a Head and Shoulder Pattern. In Both cases it's a sell.
When to sell when J pattern is Forming?
You can Sell at the First bearish candle or wait for MACD cross or Moving Average cross in D1/D2 chart. First Target For this trade is the 10,000$ support area.
Good Luck Traders. Share your thoughts and ideas below. If you have any questions you can ask in the comment section.
All three J shape Formations
