ThinkingAntsOk
Short

Bearish Scenario Explained on BITCOIN by ThinkingAntsOk

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Use this as an idea to develop your own setup.

Main Items we see on the 4HS chart:

-The main Ascending Trendline has been Broken
-A new Bearish Structure has been formed (Major Descending Channel (dash-dot lines)
-We can see a Head and Shoulder Pattern formed using the previous broken ascending trendline as guide
-Currently, we can see a small consolidation structure ( yellow lines) finding resistance on the Neckline + inner descending channel of the bearish movement.
-We think that the breakout of that structure will be the final confirmation of the bearish movement towards the next support zone at 7700
-If you are planning on taking short setups on this scenario, you can find an interesting Risk Reward Ratio from the breakout to the support level , and you have good spots above the neckline and the descending trendline to define your stop

Daily Vision:

Thinking Ants.
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https://www.thinkingants.com/
Thanks for sharing, i have similar views
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@VincePrince, Thanks for the comment! If you feel inclined, share your view here on the comments, always is useful to see other people analysis!
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