BATUSDT 1H short setup
Updated
TA explained
Low time frame short setup for BATUSDT. Not really my style but this looks very promising.
Price is moving inside a very large channel for weeks already. It just broke down the midline of the channel with the drop of last weekend. Price retraced to the fib 0.618 level and got rejected again at the mid line.
Look even closer at the last bottom a W-formation was created, price didn't restest the neckline so far. That is still expected (TP1). If that happen right away it means a successful break down of a Head n Shoulders pattern as well. TP2 is at previous resistance zone and aligns with previous low. TP3 is at the extended fib level of the retracement.
SL is position above the 0.618 fib level of the last downwards impulse, above the midline of the channel and (if it play out) above the head of the HnS.
Trade setup
Best entries: 0.2236 - 0.2205
TP1: 0.2179
TP2: 0.2109
TP3: 0.2013
SL: 0.2288
RR: 2.77
Max leverage: 9x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
Low time frame short setup for BATUSDT. Not really my style but this looks very promising.
Price is moving inside a very large channel for weeks already. It just broke down the midline of the channel with the drop of last weekend. Price retraced to the fib 0.618 level and got rejected again at the mid line.
Look even closer at the last bottom a W-formation was created, price didn't restest the neckline so far. That is still expected (TP1). If that happen right away it means a successful break down of a Head n Shoulders pattern as well. TP2 is at previous resistance zone and aligns with previous low. TP3 is at the extended fib level of the retracement.
SL is position above the 0.618 fib level of the last downwards impulse, above the midline of the channel and (if it play out) above the head of the HnS.
Trade setup
Best entries: 0.2236 - 0.2205
TP1: 0.2179
TP2: 0.2109
TP3: 0.2013
SL: 0.2288
RR: 2.77
Max leverage: 9x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
Trade active
The trade did reach the first target and had a strong price pullback after that. My position was closed by the bot i'm using to manage the position but the situation hasn't changed for me, still bearish. I've create another trade with slightly different setup.
Best entries: 0.2220 - 0.2203
TP1: 0.2109
TP2: 0.2013
TP3: 0.1961
SL: 0.2300
RR: 2.94
Max leverage: 6x
Trade closed: target reached
First target was reached after which the price pulled back to entry. Another push reached the first target again but after that it went the opposite direction. Trade was closed at break even after TP at first target.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.