Hi everyone,
BTC had its first impulse down a few days ago, it then created a bear flag in purple, and is now creating a second bear flag right below its bigger bear flag. This is a great short opportunity. A stop loss with a close above 5120. Target is low 4700s high 4600s marked by the length of the first impulse and the support area that we have there.
There is also the possibility that we performed a double bottom at 4920. However this is less likely and the risk reward with a stop loss at 5120 favors the bears.
Feel free to share your opinion below
Cheers
BTC had its first impulse down a few days ago, it then created a bear flag in purple, and is now creating a second bear flag right below its bigger bear flag. This is a great short opportunity. A stop loss with a close above 5120. Target is low 4700s high 4600s marked by the length of the first impulse and the support area that we have there.
There is also the possibility that we performed a double bottom at 4920. However this is less likely and the risk reward with a stop loss at 5120 favors the bears.
Feel free to share your opinion below
Cheers
Comment:
Well. And that's why we use stop losses. This market can do crazy things