We have completed a three drives pattern, now we should short looking for 61.8% retracement of the whole move up.
We have this pattern accompanied by regular bear div in the last three peaks, and a longer term hidden bear div from ATH.
So this should be an easy short.
We still have a 2 points trendline to break, and for now we lack the necessary volume to do it, but i guess volume will eventually come.
Entry would have been ideally 1230, i personally entered in a new short by this pattern on the broken 4 points trendline (1217), an other possible entry for a safer trade, would be breaking the second trendline (1205)
Stop loss new local high (1233)
Target 61.8% retracement of the whole pattern (1164)
We have this pattern accompanied by regular bear div in the last three peaks, and a longer term hidden bear div from ATH.
So this should be an easy short.
We still have a 2 points trendline to break, and for now we lack the necessary volume to do it, but i guess volume will eventually come.
Entry would have been ideally 1230, i personally entered in a new short by this pattern on the broken 4 points trendline (1217), an other possible entry for a safer trade, would be breaking the second trendline (1205)
Stop loss new local high (1233)
Target 61.8% retracement of the whole pattern (1164)
Note
In case any of you is still trading in bitfinex, this would be the pattern/target in there:Note
Note
I personally got out of bitfinex with the wells fargo news, and i think the wise thing is to do so.You can move to gdax where you have 0% maker fee and 0% margin funding fee.
Note
Paying attention to this 15min channel and its bullish divergences
Trade closed: target reached
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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.