BTC/USD - Short Descending Triangle to 0.618 Fib
Please leave a like and comment if you find value in this post! It is a really quick and effective way to show your support! Thank you and have a wonderful day!
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This setup is anticipation of a breakdown from the ascending triangle and is valid after closing below 8892. The measured move would bring price all the way down to the 0.5 Fibonacci from the 11th, March, 2020 low to the 31st, May, 2020 high. The final target is down at the 0.618 Fibonacci which has confluence with daily support.
Best of luck to you and on all your trades!
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Entry: 8892.0
Entry Zone: 8880 - 8751
T1: 8650
T2: 8350
T3: 8125
T4: 7515
T5: 7175
T6: 6775
Stop: 9435.5
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R:R: 3.9
Risk: 6.11%
Reward: 23.81%
Leverage: 3X
Leveraged Risk: 18.33%
Leveraged Reward: 71.43%
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This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my trade ideas and are intended for educational purposes only.
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This setup is anticipation of a breakdown from the ascending triangle and is valid after closing below 8892. The measured move would bring price all the way down to the 0.5 Fibonacci from the 11th, March, 2020 low to the 31st, May, 2020 high. The final target is down at the 0.618 Fibonacci which has confluence with daily support.
Best of luck to you and on all your trades!
---
Entry: 8892.0
Entry Zone: 8880 - 8751
T1: 8650
T2: 8350
T3: 8125
T4: 7515
T5: 7175
T6: 6775
Stop: 9435.5
--
R:R: 3.9
Risk: 6.11%
Reward: 23.81%
Leverage: 3X
Leveraged Risk: 18.33%
Leveraged Reward: 71.43%
---
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my trade ideas and are intended for educational purposes only.
Note
Fibonacci Levels: Note
The last high value VPVR node has confluence with the final target. The VPVR declines significantly after that. Price tents to get sucked to the high value nodes, like a magnet. Note
Really messed up the title and text! Short breakdown from the, "Ascending Triangle"!
Whoops!
Note
On the lower timeframes, the bears have just negated an inverse head and shoulders playing out as well as prevented the bulls from closing above 9.3K. If the bulls cannot close above 9.3K, then I remain bearish!Looking for a 2H, 4H, 12H, 24H close below the yellow horizontal support zone. Enter after a closure and/or upon retest of this support zone will increase the likelihood of this setup playing out.
Considering how much pressure has been built up, it may be prudent to be more aggressive in this area though.
Good luck!
General Inquiries: t.me/cryptoguru369
Twitter: twitter.com/CryptoGuru369
Twitter: twitter.com/CryptoGuru369
Related publications
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.
General Inquiries: t.me/cryptoguru369
Twitter: twitter.com/CryptoGuru369
Twitter: twitter.com/CryptoGuru369
Related publications
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.