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EylemCulculoglu

BTC bull trend is exhausted. Price will drop

Short
Bitcoin (BITMEX:XBTUSD.P)  
EylemCulculoglu  
BITMEX:XBTUSD.P   Bitcoin
Trend Analysis Harmonic Patterns Chart Patterns BTC BTCUSD XBTUSD xbt bitmex bitcoinforecast bitcoinprice Bitcoin (Cryptocurrency) bitcoinmarkets
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trendanalysis harmonicpatterns chartpattern btc btcusd xbtusd xbt bitmex bitcoinforecast bitcoinprice bitcoin bitcoinmarkets
BTC could not break out in the bull trend and bearish trend has started. Tom Demark count is currently red 5 on the hourly chart. Which means we will have up to 4 more hours of bearish trend.

Scenario 1:
Price will drop till 7475 support level and bounce from there.

Scenario 2:
7475 will not hold and price will drop till Fibonacci 0.5 6945

Here are two trading ideas:

Low risk/low profit:
Short at: 7750
Take profit at: 7475
Stop loss: 7900

Higher risk/high profit:
Short at: 7750
Take profit at: 6945
Stop loss: 8100

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