Price has rejected the .47500 level nice confirming that level as a key resistance. We have now formed a bearish continuation flag pattern and we should complete the ABCD pattern at the .46 level. I will be looking to see how price behaves there to enter shorts.
What would invalidate this trade would be a continued push to the upside breaking and closing above 0.48200. However the pattern is looking very nice and a short term play this week could be back down to .36 level.
At this level I will be looking to buy coins at this level. Personally on the bigger time frame this is a consolidation after the push up from .30 cents a coin. I look forward to seeing how this plays out.
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I have entered short with stops above the .46500 wick.
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I will set my stops to B/E once we reach .44500
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Stops have been moved to Break even
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So here is an update. Stops moved to .43500 to secure 3% profit. I will let the rest run adown towards .38 the last target from where I will be looking to enter my buys. If price gives favourable price action.
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I hope someone profited from this trade.
The bulls could return so I’m waiting to see how price reacts at .36 level .
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I have since take a bit of profit off my position. However I have moved my profit to 1% rather than 3%. Check my BTC analysis I will post soon.