BTCUSD to $15.1k - 1HR - Descending Triangle (24% Profit)

Salutations TradingView Community,

This chart is one of many patterns, over many time frames, that are painting a bearish picture for Bitcoin in the near term.

I will detail the logic in the chart and share what my personal entry/exit price levels will be.

Let's get right to business:

• We have a classic Descending Triangle at the end of a downtrend... which (hopefully) we all know is usually a bearish continuation pattern.
  
• I see two different immediate scenarios for price. As of right now, we are either going to see a drop straight down to the zone of $18,400-$18,600 as shown by the green arrow... or we will see another retest of the resistance line at roughly $20,022 as shown by the blue arrow. I believe the latter is more likely, and we will be opening a short position at this ~$20k resistance level.
  
• In either of the above scenarios, we will be setting our stop loss at a cushy $20,442-$20,750 to thwart any attempts of a final stop loss hunting before the push down.
  
• On the push down, I predict it will be a relatively easy ride to the Support Line of the triangle, at which point there will be some resistance and the potential to range sideways for a small while.
  
• Once we break through that support line, then we can expect a retracement back to about ~$18,000 before price continues downward. This is a very important event, because it will allows those of us that have taken profits to re-enter a short trade, those of us that are not yet in a trade to initiate a short trade, and those of us that have open positions to add to our positions if we desire.
  
• The light blue path arrow beneath the Support Line is a general guestimate of price action, but I doubt it will follow that exactly. Draw your trendlines, support/resistance, etc as usual and you will know where you stand during the drop.
  
• Finally, we will take our profits at $15,100. The safer traders among us will take a percentage of profits along the way.
  

Check back with us for period updates, trade ideas, and Pine Scripts!

Happy Hunting,

Cache

Trade active:

Trade is active. Short opened.