The way I'm seeing this is that it's failing the 1hr , and we are currently under it. The next likely scenario is that it starts testing the 2hr which would easily form the bottom edge of the descending in a few hours. Good bet that we likely see price action down to 4900. There is a chance it has an even bigger failure in price action and we see it testing the 3hr which is sitting near the 4500 price range.
The way I see it, easy 10x - 25x short. Keep the stop loss tight in case it breaks out and above the descending and tries to retest the hourly again. If we break above the 1hr , execute the stop loss. is low and most indicators seem to be showing a lack of interesting in buying.
LIKE my idea if this helped you in any way.
IF you are wanting to wait to see if it tests the 1HR EMA and enter your short from there, that would probably maximize profits. Stop loss there would be a significant jump above the 1hr EMA.
WAIT FOR YOUR SHORTS IF YOURE NOT IN A POSITION ALREADY. OPEN IT ONCE WE REACH THE 1HR EMA.
I'm expecting a false breakout of the descending wedge, which will still fall well within the ascending wedge. Both are bear flags, don't fall for the breakout if it happens.
I'll be opening another short with a 25x leverage once it hits the 45min or 1hr EMA. STOP LOSS IS A BREAK OUT ABOVE THEM.