Risk is terrific for both longs and shorts at this juncture; I am sidelined, patiently and prudently waiting.
In a previous idea I hypothesized a double bottom possibly in October. It is possible the markets are grinding out a near-term bottom at this consolidation zone now.
Markets hold tenaciously to this consolidation zone beneath ATH. The September pullback...
Im bearish on the XBT
Nice correction from almost 14k, time for a temporary trend change.
A bounce from the 50% fibo, good sign we are going down.
Last few months this overbalance method was very profitable
in 4H chart:
top of the bearish parallel channel
pullback to broken support zone
61.8% fibo retracement
hidden divergence in RSI indicator
Entry : 0.6705
-Stop : 0.6745 (40 pips)
-TP1- : 0.6605 (100 pips)
-TP2- : 0.6505 (200 pips)
in daily chart:
pullback to broken area and support level
38.2% fibo retracement