What’s up guys and welcome to my profile, my name is Gianni and today I’m going to analyse the BTC/USD, trying to translate the market information with a full technical analysis on different time frames perspectives.
For a better understanding of my bearish idea, have a read of my previous analysis:
Before focusing on the 30m chart, let’s have a quick recap on the 4h timeframe:
After a strong bearish impulse, the market started a retracement moving inside an ascending channel, breaking it and currently retesting a local resistance.
Back to the 30 min chart:
An intraday bearish impulse is now getting a retracement forming an interesting ascending channel. Possibly, I would like to see another retest around the local resistance before eventually breaking the channel to the downside, as a market continuation. Before planning my short position on this trade, as you can see on the chart, I will be waiting for the price to break the channel, retest the area between the channel and the resistance area and be looking for a great entry point with a RRR 1:2 or greater. A break out to the upside will invalidate this short term bias and the trade will be invalid!
If you enjoy this trade idea, support my work with a thumb up and don’t forget to follow my profile for more detailed technical analyses!
Trade safe and responsibly, Gianni
DISCLAIMER Please note the views are not investment advice and should be used only for educational purpose
Order cancelled
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The market broke the channel to the upside, according with my strategy, the trade setup is not valid anymore!
@diggerfx2010 Hi and thank you for your question ! So I didn’t take any action on this trade, because obviously the price broke out to the upside, against my strategy’s condition!
I’m going to prepare another post about this marker, because there is still some bearish perspective here !