Bitcoin about to drop!
We should defiantly be looking at short opportunities in bitcoin, as can see from the charts we are in clear downwards trend.
We have had a big push to the downside from 9000 and bitcoin has pull back up to the 0.5 fib level, as can be seen on the daily chart this is a nice pull back into the 21EMA which is a good sign, price like to be nice and close to this EMA as you can see.
I'm going to aim for 3 targets with this one.
Target 1 - 7100
Target 2 - 6880
Target 3 - 6670
Now if you have a look on the weekly chart, price is extended away from the 8EMA and needs to catch up so this move isn't going to happen straight away, we could see come consolidation first while the EMA is trying to catch up.
Thanks for reading, would love to hear your feedback. Happy trading!
We have had a big push to the downside from 9000 and bitcoin has pull back up to the 0.5 fib level, as can be seen on the daily chart this is a nice pull back into the 21EMA which is a good sign, price like to be nice and close to this EMA as you can see.
I'm going to aim for 3 targets with this one.
Target 1 - 7100
Target 2 - 6880
Target 3 - 6670
Now if you have a look on the weekly chart, price is extended away from the 8EMA and needs to catch up so this move isn't going to happen straight away, we could see come consolidation first while the EMA is trying to catch up.
Thanks for reading, would love to hear your feedback. Happy trading!
Note
Still having price consolidation at the moment.We can on the weekly chart the EMA coming closer to price
Note
Target one was hit a few days ago, we then had a bounce of the target one level with a push up. However i need to price coming back down to test the 7100 level again.Note
We've come down and hit target one for the second time, really facing some resistance here. This could be the breaking pointNote
Target 2 has now been reached.Here we can move our stop loss to our entry point and let the trade run to target 3, we have already reached two targets and now this is a risk free trade.
Well done everyone :)
Trade closed: target reached
Target 3 has now been reached, this was our final target.Price has now come into a big support zone, will be looking for fresh opportunities from here.
Congratulations all that held on for the third and final target, this trade is now complete.
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