I've labelled the chart so hopefully self explanatory... I see an opportunity for a Bearish move in BTCUSDT on the 4h timeframe. Previous Bearish Rectangle played out so I see no reason why this can't.
Bearish rectangle led into Bearish Pennant which has been playing out since June 11th.
Since then candle has failed to close above the red Stop Loss line.
Previous Breakout attempt but price moved back to Pennant.
Range tightening so break below $9200 is likely which will confirm the move.
Stop loss set for Candle close above Red Stop Loss line.
Bearish rectangle led into Bearish Pennant which has been playing out since June 11th.
Since then candle has failed to close above the red Stop Loss line.
Previous Breakout attempt but price moved back to Pennant.
Range tightening so break below $9200 is likely which will confirm the move.
Stop loss set for Candle close above Red Stop Loss line.
Trade active:
Bears tried to fake us out with the Bart Simpson pattern. Must admit it had me fooled for a second but trade idea is still very much active.
Comment:
Will watch this trade idea until Friday June 26th when CME Bitcoin Futures Contracts expire. Still see potential for more downward SELL pressure.
Trade closed: target reached:
Needs no explanation after Bear fake out. Note to self. Factor fakeouts into future predictions.
