Pilot2022

Short 7150$ - 6K (3:1 R/R) BTC Holds Downtrend Channel

Short
Pilot2022 Updated   
COINBASE:BTCUSD   Bitcoin
Provided $BTC holds downtrend channel, expect to fill order between 7100-7200$ optimal (7050$-7250$ wide range) with stop above higher resistance/ Vvpr high point. Expect Volume and RSI to help confirmation.
Short until above main support (5850$), at 6050$-6000$ for emotional price support.
If $BTC breaks channel wait for possible sideways movement and test of support of top of channel, if support confirmed around 7000$ above channel, expect to exit trade prior to stop loss as theory is no longer valid.
Comment:
ENTRY A - 7150$ short time frame respected
ENTRY B -7000$, further sideways motion, longer time frame respected.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.