BTC Short| Dynamic Resistance|.618 Fibonacci| Bearish Divergence
Evening Traders,
Today’s Analysis – BTCUSD- at key technical level where a short trade is valid with defined risk.
Points to consider,
- Rising wedge pattern
- Local support (technical target)
- Dynamic Resistance
- Oscillators bearish divergence
- Volume below average
BTCUSD is trading in a probable rising wedge with the technical target in confluence with local support.
Resistance is strong with multiple technical confluences, which are the .618 Fibonacci and the dynamic resistance. Price closing above these levels will negate the trade.
The oscillators both have bearish divergence; this shows weakness in the current price action.
Volume is below average, a influx is highly imminent as this is a technical trade location.
Overall, in my opinion, a short trade is valid with defined risk above recent high. The break needs to be backed with volume for confirmation, it is also important to keep in mind that breaking north will most likely be a short squeeze.
What are your thoughts?
Thank you for following my work!
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
Today’s Analysis – BTCUSD- at key technical level where a short trade is valid with defined risk.
Points to consider,
- Rising wedge pattern
- Local support (technical target)
- Dynamic Resistance
- Oscillators bearish divergence
- Volume below average
BTCUSD is trading in a probable rising wedge with the technical target in confluence with local support.
Resistance is strong with multiple technical confluences, which are the .618 Fibonacci and the dynamic resistance. Price closing above these levels will negate the trade.
The oscillators both have bearish divergence; this shows weakness in the current price action.
Volume is below average, a influx is highly imminent as this is a technical trade location.
Overall, in my opinion, a short trade is valid with defined risk above recent high. The break needs to be backed with volume for confirmation, it is also important to keep in mind that breaking north will most likely be a short squeeze.
What are your thoughts?
Thank you for following my work!
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt