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Nkrypted
Jun 12, 2021 10:00 PM

BTC Short - Rising wedge - Target 34k  Short

Bitcoin / TetherUS PERPETUAL CONTRACTBinance

Description

Rising wedge was formed in 15m a while ago. We're not at the 3rd touch of the bottom, which often means breakout.
Target for this wedge would be .618 fib = 33900 ish (I would TP @ 34k to keep it safe).

Now retesting the bottom of the wedge (channel).

Trade safely!

Trade active

Retested the channel (wedge) in 15m and got rejected.
Probably gonna retest it again in higher TF, we will see. But thats another bearish confluence for now.

Comment

Just realized that actual target would be more toward 33 500 than 34k, but still 33900-34000 (.618fib) is a safer bet.



just wanted to share update.
Comments
IncognitoDude
thank you for your time and updates!
Nkrypted
@IncognitoDude, Thank you! I was wrong on this one tho, but risk management is everything in trading! Appreciate the kind words, have a great one!
eggdon
Hey, could you show how you drew the fib here?
Nkrypted
@eggdon, im sorry i saw your comment too late, but ill show it better next time. Have a great one!
eggdon
@fto935x, No worries at all! Thank you for these charts :)
Nkrypted
@eggdon, Always a pleasure! Just posted my targets (short) for XRP, BTC and ETH! Feel free to like and comment :)

Cheers!
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