For the past 4 months we have been trading inside this ascending channel
and broken out of it twice, once in October and November for our most recent
Since then we have fallen back inside the channel and have tested our 58k region with a move to
the downside .
I would like to see 58400 level lost and see a move down to 55k eventually which will put...
Noticing slight bearish divergence on the 1 hour chart.
Taking some profits on my open positions and opening a small short position.
Divergence alone is not enough to dictate the next movement however I feel a slight pullback is imminent.
No Targets in place at this time.
BINANCE:BTCUSDT Seems to have broken a wedge downwards during this weekend, and is doing a re-test of the broken support line.
I believe we will see at least 49,100$, the most we will see before a rise, which might make it bullish, is probably 48,800$ - 47,000$
Although it has a trend and a support level and has dealt with it, the price could not beat the candle well, so I expect a small correction
As shown in the chart, after reacting to the support and registration of HL, you can think of buying
Bitcoin Trade Setup - Swing Trading Shorting Opportunity
Bitcoin looks weak but that doesn't mean you short it right now. It is forming a triangle pattern and so let it breaks the downside.
You can short Bitcoin once it breaks the red supporting zone.
If you're a conservative trader, then wait for a break from the red zone and retest the red zone again.
Bitcoin fell out from the rising wedge and is now in a ABC bear flag correction phase targeting the 21 weekly Moving Average which also correlates with the 0.382 Fibonacci from the greater move Corona crash till ATH).
The B would also fill the CME gap and if you draw a Fibonacci extension from ATH to A the Golden pocket marks the CME gap perfectly.