The larger time frame rising wedge pattern has been stubborn. But I believe it may have just made a lower high for the first time in a while which could signal the bulls are exhausted.
I'm willing to enter in a SHORT trade to capitalize on this opportunity and will gradually enter into a position.
Should we see a break of the lower trend line I will add to position on smaller time frame patterns.
Reasons:
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
I'm willing to enter in a SHORT trade to capitalize on this opportunity and will gradually enter into a position.
Should we see a break of the lower trend line I will add to position on smaller time frame patterns.
Reasons:
- Potentially first lower HIGH
- RSI bearish divergence
- Breakout pattern forming on RSI
- Decreasing volume
- Rising wedge pattern
- Increasing in price while BTC has been consolidating (over-extended)
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Trade closed: target reached:
WOHOO!!
Take profit target reached. Holding a small position to the 61.8% Fib.
Finally nailed the ETC short trade has been frustrating!
Take profit target reached. Holding a small position to the 61.8% Fib.
Finally nailed the ETC short trade has been frustrating!
