Downtrend to resume as bearish pennant seems to form
In tune with the seemingly unending bear market we have been having since December of last year, yet another downtrend is taking shape. As BTC broke the all important 7.8 support line, we are on par to break down of a 6.9-7.8 range with no seeming logical support. BTC did manage to find some support at the 7.5 range but it seems that the structure is forming is that of a bearish pennant. Downtrend followed by a structure with lower highs and higher lows converging towards a median (in other, more fancy words, a triangle). As the indicators reset and current structure comes to an end, downtrend should resume as we continue to go towards that 7-6.9. Wether or not that support will hold is a story for another chart :)
Trade active:
Pennant seems to have finally broken down. Still on target for 7-6.9
Trade active:
The break from the bearish pennant was confirmed and as of now, price seems to be resetting its momentum and indicators for what i believe will be another leg down sometime today or tomorrow. This downward momentum as a whole is quite strong, there are regular divergences all over the RSI, the MACD can barely go above 0 without the trend going back down and volume seems to spike right before large red candles. All signs of a live and healthy bear market (at least for now). Still on target for 7-6.9. For the time being, we seem to have found very limited support on a 0.23 FIB lvl that I expect to just be a bearish pennant/flag. Will update in time until targets are hit or I close the trade.
Trade active:
Some support found at the 7250-7300 range in what could be a new smaller bearish pennant
Trade active:
Trade still going. Price hovering just above the 7100 range. Thinking of taking profit on half of my position at 7000 and then waiting to see how movement goes at 6900. Depending on that, I will move my take profit to 7000 and decide whether to close the rest of my position at 6900 or wait to see if that support level fails.
Trade closed: target reached:
Aaaaaand trade closed. Initially I have closed half my position at around 7100, then the large green candle activated my take profit at 7250. We didn't see 6900 as we had our initial target (at least not yet) but this has been a patient, disciplined and good trade for me.
Trade active:
Resumed my short at the top of the...ahem...Bart Simpson formation. I still think we will reach 6.9-7 range. However, given this recent drop, I can definitely see the bears starting to lose momentum. Meaning I am more confident in going long when we do reach that target. Will update further.
Trade closed: stop reached:
Apparently there was not as much bearish momentum as I have thought. Take profit was hit and I made a small profit by shorting the top sideways movement. Will most likely stay out of any trade until 7800
