Bitcoin Rounded Topping Pattern Short Setup to Daily LLs

Short thesis:

- Rounded topping pattern within higher timeframe downtrend
- Bearish golden cross formation on EMAs
- Daily technical MAs flashing weighted sell signals
- Retest of daily lower lows and 0 fib level

Short Setup:

- 1st entry on retest of shorter timeframe trend break/retest & liquidity zone confluence which could act as supply for short orders to get filled
- Validated through spike in volume showing orders have been filled
- Invalidated through break of higher timeframe downtrend channel
- Keep an eye out for stop hunting into overhead supply. Depending on conviction could add 2nd entry there manage risk accordingly.

Price Target: $32,950 into next week

Note

Short filled and validated through spike in volume and breakdown of consolidation box zone. Stop placed @ 38,400.

Trade active

Note

Last line of defense for shorts at the supply top of this local down channel. Bent my stop rule and moved it above a b/o of that channel. Daily EMAs still in a down slope and volume just isn't telling me this leg higher is institutional buying.

Trade active

Inverted cup on 2hr timeframe validated by spike in volume. Length of trade has been much longer than expected but clear distribution needed to take place in supply areas in order to accelerate selling pressure for next leg down.

soulunveiled

Also on:

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.

soulunveiled

Also on: