Im taking a short-sell position on BTCEUR as I explained in yesterdays educational post (I believe Crypto is due for more losses based on my technical analysis)
What we have here is a wedge (or contraction in my books) leading to the 38.2% of the recent high to low of the swing of price.
Im targetting 123.6% of that move but will be happy to get out even at 100%... since I am a proactive trader I will monitor price action for any signs of an upmove reversal to collect profits and then if the bearish signs remain I will sell again.
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Now by using Multiple Timeframe Analysis I see the following right now:
4H: Bearish continuation breakout with strong bearish momentum (as price is below EMA & DC)
1H: Strong bearish momentum with price using 5EMA as resistance, expecting a push down based on this soon
10M: Nothing special in terms of price action, but we are coming up to potential supports.