BITCOIN - A Possible Sell OpportunityWe got a pretty good rejection from the short-term strong area, which ended up with a bearish candlestick pattern called bearish Engulfing.
I have to put it up quickly. I'll make an update about what is the criteria and etc.
Stronger sell confirmation should come after the candle close below the short-term counter trendline.
EDIT:
The market situation is a bit risky but we should have a pretty good opportunity to short it. The last 1H candle gave an indication that the selling pressure may have pretty solid because the rejection came from technically a pretty strong area:
1. From Fibonacci retracement levels 38% and 50%
2. From Fibonacci Extension level 127%
3. Channel upper trendline worked as a resistance
4. AB=CD waves.
5. The round number $12,000
6. And the rejection ended up with bearish candlestick pattern called "Bearish Engulfing"
The first target should stay around $11,200-300 and the second target is $10,000.
More secure trade entry would be after the candle close below the counter trendline, below the blue line and below the $11,000. So, wait for that!
Trade becomes invalid after the price gets a 1H candle close above the orange line.
Do your own research and if this matching with mine then you are ready to go!
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Best regards,
Vaido
