If we start closing higher time frame candles below the Daily 200SMA, then target 80010 - 8150. There is a good chance price will come down to the Daily blue 377 EMA. If it pushes past that, then target the 0.618 Fibonacci which is in line with horizontal support.
If price cannot close below the blue box of peace and prosperity in the 8500-8600 range, then you may want to consider closing out the trade and locking in profits!
Open Interest has been steady declining as has volume; however, price has been increasing. Price action is not agreeing with Volume or Open Interest signatures, which increases the probably of further downside.
--
⚡️⚡️ #BTC/USD ⚡️⚡️
Trade Type: Regular (Short)
Leverage: 5X
Entry Zone:
8708 - 8646
Take-Profit Targets:
1) 8596
2) 8512
3) 8312
4) 7990
5) 7975
Stop Targets:
1) 8998.47 - 100.0%
--
Happy Tuesday and please leave a like if you found value in this post!
---
Disclaimer:
This is not financial advice. This information is not meant to be used for financial advice, nor trade ideas. This is for educational purposes only.
If price cannot close below the blue box of peace and prosperity in the 8500-8600 range, then you may want to consider closing out the trade and locking in profits!
Open Interest has been steady declining as has volume; however, price has been increasing. Price action is not agreeing with Volume or Open Interest signatures, which increases the probably of further downside.
--
⚡️⚡️ #BTC/USD ⚡️⚡️
Trade Type: Regular (Short)
Leverage: 5X
Entry Zone:
8708 - 8646
Take-Profit Targets:
1) 8596
2) 8512
3) 8312
4) 7990
5) 7975
Stop Targets:
1) 8998.47 - 100.0%
--
Happy Tuesday and please leave a like if you found value in this post!
---
Disclaimer:
This is not financial advice. This information is not meant to be used for financial advice, nor trade ideas. This is for educational purposes only.
Comment:
We have been forming a Descending Triangle on the 4H. The bullz may view it as a bull flag. I'll be posting paper trade ideas for the break out and break down in the near future.