BTC/USD - Descending Triangle Short to 0.618 Fibonacci!
Hello Future Millionaires!
If we get another touch on the bottom side of this potential descending triangle, then a breakdown, I'll be looking for a short entry.
The measured move for this setup has confluence with horizontal support and the 0.618 Fibonacci from the recent impulse up.
Best of luck on all your trades!
Follow us now for regular TA on the hottest cryptos!
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Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
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Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
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Entry: 18620.0
Entry Zone: 18855 - 18380
T1: 18245
T2: 17855
T3: 17300
T4: 16900
T5: 16525.0
Stop: 19332.5
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R:R: 2.94
Risk: 3.83%
Reward: 11.25%
Leverage: 10X
Leveraged Risk: 38.3%
Leveraged Reward: 112.50%
Risk Assessment: MEDIUM
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Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
If we get another touch on the bottom side of this potential descending triangle, then a breakdown, I'll be looking for a short entry.
The measured move for this setup has confluence with horizontal support and the 0.618 Fibonacci from the recent impulse up.
Best of luck on all your trades!
Follow us now for regular TA on the hottest cryptos!
---
Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
---
Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
---
Entry: 18620.0
Entry Zone: 18855 - 18380
T1: 18245
T2: 17855
T3: 17300
T4: 16900
T5: 16525.0
Stop: 19332.5
--
R:R: 2.94
Risk: 3.83%
Reward: 11.25%
Leverage: 10X
Leveraged Risk: 38.3%
Leveraged Reward: 112.50%
Risk Assessment: MEDIUM
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
Comment:
Let's go bears!
Comment:
Fibonacci on the 4H:
Comment:
What are the EMAs communicating to me?
1. The red 10SMA is crossing down below the yellow 21 EMA. This is showing some downside momentum in the trend.
2. We can see the blue 89EMA has confluence with our point of breakdown. This adds to this area being strong support/resistance and a good place to manage risk from!
3. We can see the purple 200EMA and the white 200SMA both heading up toward the purple horizontal support/resistance lines. Adding confluence to this area along with the 0.618 Fibonacci.
4. The maroon 377EMA is creeping up toward the bottom side of the medium term range.
1. The red 10SMA is crossing down below the yellow 21 EMA. This is showing some downside momentum in the trend.
2. We can see the blue 89EMA has confluence with our point of breakdown. This adds to this area being strong support/resistance and a good place to manage risk from!
3. We can see the purple 200EMA and the white 200SMA both heading up toward the purple horizontal support/resistance lines. Adding confluence to this area along with the 0.618 Fibonacci.
4. The maroon 377EMA is creeping up toward the bottom side of the medium term range.
Comment:
First two targets were hit twice! Nice little profits!
T1: 18245 - HIT!!! (20.14% Gain)
T2: 17855 - HIT!!! (41.08% Gain)
Let's get this crypto!
T1: 18245 - HIT!!! (20.14% Gain)
T2: 17855 - HIT!!! (41.08% Gain)
Let's get this crypto!
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