So I was about to post a chart on the 15 minute time frame about a short trade opportunity. However as I posted the chart the drop in BTCUSD had just occurred!! .
Now that this downside break out has occurred already (and made a nice profit), BTCUSD could be setting up for a larger move down. I would wait for a small retracement to the origin of the small breakout before entering short.
There is also head & shoulders pattern forming that on completion would test an initial target zone of approx. $7,500. There is a risk that this target can overshoot and see a capitulation towards the $7,000 level.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Now that this downside break out has occurred already (and made a nice profit), BTCUSD could be setting up for a larger move down. I would wait for a small retracement to the origin of the small breakout before entering short.
There is also head & shoulders pattern forming that on completion would test an initial target zone of approx. $7,500. There is a risk that this target can overshoot and see a capitulation towards the $7,000 level.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Comment:
A break of this formation would trigger short sells
