The Bitcoin daily candle, 2 hours prior to close, is a Shooting Star - a bearish candle with a small real body and long upper wick (Nison, S. Japanese Candlestick Charting Techniques, p.74).
One may also view this as an "Abandoned Baby Top" due to the gap up from the previous daily candle - a Bullish Engulfing pattern revealed to be a trap.
We also have a hidden bearish RSI divergence on the daily, which provided me with the confidence to stay short through the past day of volatility.
One may also view this bearish setup as a Rising Wedge breakdown.
As always, I accept the possibility that this idea is wrong and may offer me a lesson instead of profit.
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August is the month of the Persied meteor shower in North America - one of the best times of the year to get outside and watch shooting stars fall from the sky. Shooting stars are mere specs of dust, pebbles, or debris that fall towards Earth and are burnt in the atmosphere, leaving a bright streak across the sky.
With reverence to the almighty, I look to the sun, moon, and stars and pray for a favorable outcome.
One may also view this as an "Abandoned Baby Top" due to the gap up from the previous daily candle - a Bullish Engulfing pattern revealed to be a trap.
We also have a hidden bearish RSI divergence on the daily, which provided me with the confidence to stay short through the past day of volatility.
One may also view this bearish setup as a Rising Wedge breakdown.
As always, I accept the possibility that this idea is wrong and may offer me a lesson instead of profit.
------
August is the month of the Persied meteor shower in North America - one of the best times of the year to get outside and watch shooting stars fall from the sky. Shooting stars are mere specs of dust, pebbles, or debris that fall towards Earth and are burnt in the atmosphere, leaving a bright streak across the sky.
With reverence to the almighty, I look to the sun, moon, and stars and pray for a favorable outcome.
Comment:
After closing: an Evening Doji Star (Gravestone doji)
Trade closed manually
Comment:
with the rising wedge breaking down, you can now short or wait to retest the diagonal
