The blue TL represent a weak triangle which lack enough reaction high to be valid Also during what could have been considered a break out, the volume kept on declining. There was no confirmation there, nor with the momentum. PA is trapped with 3 narrow resistance level above, each of them backed by the highest volume seen since the beginning of the decline. The end of wave B nears fib 0.618
This symmetrical triangle is bearish Macd has also been contracting The SMA 100 is facing the apex The rsi is heading toward bearish territory while completing wave e of the triangle. Watch for exploding volume and downward spike as confirmation.
2577 is a good short entry, so is 2490, and more conservatively 2401 if a pull back happen. 2670 is a good stop loss. And 2017 a good intermediate target.
Comments
tereskapl
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TP2 reached. whats next you think?
tereskapl
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you think now is good time to short @ $2408?
Marginbuu
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nah btc just needs to stay above 2264 usd to continue uptrend, its there easily, so I think this cant ever happen.