This is what I see on weekly, we are making a descending triangle on the higher timeframe, also building a possible inverse head & shoulder along with Double top on both weekly & monthly chart. there is a good chance of possible rejection around the levels mentioned on the chart.
let's start with the triangle first - clearly, we are building a descending triangle & we are about to hit the trendline resistance
now the Double top - one of the simplest patterns to draw, on the monthly chart it is clear that we have key resistance at 10761, if we close the monthly candle near this region then this will confirm the double top idea
however, as you can see on the monthly chart we have a lot of wicks so to get the best possible entry to short let's look at Fibonacci levels
Back in 2019 after making ATH of 20k level price dumped down & guess where it got rejected again?? 61.8-65% level which is a Golden Pocket for the retracement. -
This time around looking at history we can see Golden Pocket is between 11051 - 11291.5 -
another interesting thing to look at is how we wicked on Yearly Top's Monthly candle close in 2019
Now finally this is how I am trading this idea, I would like to get average entry around 11050 but I will start laddering shorts from 10761, I am risking only 25% of what I usually trade with, that way even if I hit stop loss I will be still in profit for this month, remember I longed from 7750,8250 & 98xx. It's about being consistent, trade less but make sure when you do you manage your risk, I always look at my Monthly Profit targets, Also never wait for full targets to hit, after the price starts moving your way make sure to secure profits at key levels & move stop loss to breakeven or good profit.
you can also use Leverage on Bitmex or bybit to multiply your profits but remember Leverage Trading is HIGH RISK So is Crypto trading & that's why I am legally obliged to say
#DYOR
remember I am not a financial advisor & this are all just my thoughts :)
make sure to leave a comment & if you agree then hit that thumbs up
Do not forget to check out other ideas & do share it with your friends :)
let's start with the triangle first - clearly, we are building a descending triangle & we are about to hit the trendline resistance
now the Double top - one of the simplest patterns to draw, on the monthly chart it is clear that we have key resistance at 10761, if we close the monthly candle near this region then this will confirm the double top idea
however, as you can see on the monthly chart we have a lot of wicks so to get the best possible entry to short let's look at Fibonacci levels
Back in 2019 after making ATH of 20k level price dumped down & guess where it got rejected again?? 61.8-65% level which is a Golden Pocket for the retracement. -
This time around looking at history we can see Golden Pocket is between 11051 - 11291.5 -
another interesting thing to look at is how we wicked on Yearly Top's Monthly candle close in 2019
Now finally this is how I am trading this idea, I would like to get average entry around 11050 but I will start laddering shorts from 10761, I am risking only 25% of what I usually trade with, that way even if I hit stop loss I will be still in profit for this month, remember I longed from 7750,8250 & 98xx. It's about being consistent, trade less but make sure when you do you manage your risk, I always look at my Monthly Profit targets, Also never wait for full targets to hit, after the price starts moving your way make sure to secure profits at key levels & move stop loss to breakeven or good profit.
you can also use Leverage on Bitmex or bybit to multiply your profits but remember Leverage Trading is HIGH RISK So is Crypto trading & that's why I am legally obliged to say
#DYOR
remember I am not a financial advisor & this are all just my thoughts :)
make sure to leave a comment & if you agree then hit that thumbs up
Do not forget to check out other ideas & do share it with your friends :)
Comment:
forgot about this in the idea the inverse Head&shoulder - price is in the making of left shoulder possibly however we need more candle closes to confirm -
Comment:
one of my subscriber showed me this, getting more & more interesting if we are to close weekly below 10165 which is our Fib level I will enter the short at the current price
Order cancelled:
PLAN B triggered
Comment:
This worked a lot faster then i expected but if we hold 6.8 then BOOOOOOOooom
