$BTC/USDT 8h (#Bybit) Bearish flag breakdown and retest

Bitcoin has lost the ascending channel support and seems likely to resume the down-trend after pulling back to 100EMA resistance.

⚡️⚡️ #BTC/USDT ⚡️⚡️
Exchanges: ByBit USDT
Signal Type: Regular (Short)
Leverage: Isolated (2.0X)
Amount: 12.5%

Current Price:
21478.0

Entry Zone:
21924.0 - 22956.0

Take-Profit Targets:
1) 20123.0
2) 18513.0
3) 16903.0

Stop Targets:
1) 24229.0

Published By: @TradingOn

Risk/Reward= 1:1.3 | 1:2.2 | 1:3.1
Expected Profit= +20.66% | +35.00% | +49.34%
Possible Loss= -15.94%

Fib. Retracement= 0.618 | 0.883 | 1.117
Margin Leverage= 2x
Estimated Gain-time= 1 month

Tags: #BTCUSDT #XBT #WBTC #BTCB #Blockchain #PoW #Mining #Satoshi

Website: bitcoin.org

Contracts:
#Mainnet

Trade closed: target reached:

TP1'd have been reached with up to +21.56% (2x)

Bitcoin did confirm the bearish breakdown, unfortunately 1st entry was missed by 44$...
Quite frustrating since we had 2 wicks up before the dump, but nice to see we were rightly biased!

A falling wedge is forming but no sign of true reversal yet, more downtrend seems likely short-term.

Trade closed: target reached:

TP2'd have been reached with up to +31.32% (2x)

Bitcoin continued with the downtrend, retesting the tip of the wedge as forecast.
If you entered short last week, don't forget to partially TP and move SL to entry for the remaining position!

Trade active:

1st entry filled

Bitcoin is retesting supply zone and 200MA resistance, RSI looks overbought, expecting a rejection here.

Trade active:

2nd entry filled and down

Bitcoin almost hit 3rd entry then got rejected as expected, up to +12.30% (2x) profit so far.

Trade closed: target reached:

TP1 finally reached with +20.66% (2x) and +1.3R

Bitcoin continued with the retracement down, losing 50MA support (gray).
Next target is in play, SL adjusted above highest entry (22957$) to protect the trade!

Trade closed: target reached:

TP2 reached with +35.00% (2x) and +2.2R

Bitcoin was not able to regain 50MA as expected and went for 2nd target again!
Final one is still in play, SL adjusted to lowest entry (21924$) and let it be.

Trade closed: target reached:

🎯TP3 reached with +49.34% (2x) and +3.1R

Bitcoin finally went for final target without kicking us out, patience paid-off.
RSI is way oversold now and a bounce seems likely, that trade is fully closed!

#BTC #BTCUSDT #XBT #WBTC #BTCB #Blockchain #PoW #Satoshi