Analyzing Possible Short routes on BITCOIN by ThinkingAntsOk
Use this as a guide to develop your own setup:
Main items we see on the Daily chart:
a)We have a Clear Head and Shoulders Pattern with a Broken Neckline
b)The next Clear Support Zone is between the 6000 and the 7000
c)We think that the Target of the Bearish Movement will be between those levels after that we can start thinking about developing long setups, not before.
d)Currently, we can see a consolidation on the chart, we have 2 possible routes from there
First one: The price broke down the structure and goes directly to the support zone
Second one: The price makes a bearish fake out and re-test the Descending channel before starting the Bearish movement towards the support zone
If you have Short positions opened on Bitcoin we recommend to hold them until the price reaches the support zone or a clear break out of the Major Bearish Structure (a less likely scenario)
If you are interested in Buying Bitcoin we recommend to wait until the price reaches the support zone, after that develop your Long Strategy not before (Never buy market just because the price is on a support level)
Main items we see on the Daily chart:
a)We have a Clear Head and Shoulders Pattern with a Broken Neckline
b)The next Clear Support Zone is between the 6000 and the 7000
c)We think that the Target of the Bearish Movement will be between those levels after that we can start thinking about developing long setups, not before.
d)Currently, we can see a consolidation on the chart, we have 2 possible routes from there
First one: The price broke down the structure and goes directly to the support zone
Second one: The price makes a bearish fake out and re-test the Descending channel before starting the Bearish movement towards the support zone
If you have Short positions opened on Bitcoin we recommend to hold them until the price reaches the support zone or a clear break out of the Major Bearish Structure (a less likely scenario)
If you are interested in Buying Bitcoin we recommend to wait until the price reaches the support zone, after that develop your Long Strategy not before (Never buy market just because the price is on a support level)