Clear Bear Flag for Mid-Term BTC/USD Short

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
117 0
Plain to see on the chart; we are ranging within the order block just under the 11k mark. A measured move down puts us roughly at 9.3 if we drop through the wedge here. Rejecting here and moving upwards from the wedge likely means a move up to the 11,300 range to re-test and ultimately (in my opinion) fail. Failure there will form a larger head and shoulders formation for another move down.

How to trade: Short limits at 10,650-10,850 scaled accordingly; tight stop loss at 10,925 or just above depending on your comfort level. Entry into long at 10,975 starting to take profit at 11,150. Trade safe, trade smart!
Trade closed manually: Update: closed out the short at 10,400 from 10,850. Updated chart coming; reversal in sight up to 11.2k from a failed wedge/invalidated measured move + bullish triangle formation. I am long from 10.5 and shorting 11.2 as a large entry should we fail to break it.
Comment: May have been slightly premature on that close! Stopped out my long and re-shorted at 10.4; original target still in play.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out