Death Cross BTC. Time to pile on the shorts!

BTC death cross is imminent (50DMA crossing the 200DMA), with a rising flag reversal pattern as well. Good time to short with the hourly 50 and 21ma starting to curl downwards. Better to short now inside the rising flag pattern than after the breakout to the downside as things can get choppy.

Profit targets would be down near 3.8k and as we fall.

Comment:

We got our first fakeout breakout today of the channel on the lower side. This shows the importance of not trading breakouts but entering before the breakout. All that has happened is a new rising reversal channel has been drawn and the short trade remains the only safe trade to take (depending on your time frame of course).

Trade active:

Divergence on 4hr chart now with weaker RSI with a higher high. Starting to look like things may roll over here now and retest the low of the channel. Price has again fell back from the 7000 level with the death cross all but here. Doesn't look good for longs.

Comment:

See other post, nice short now in play