BTC bear Cypher
Updated
Hello traders,
I d like to share with you few interesting things to watch at BTCUSD in case you are looking to go short. So trying to build a case for entry, we have the following:
- Major resistance zone 4350-4450$
- Bear Cypher pattern with completion point at 4385$
- H4 RSI bearish divergence
Trade setup
Entry : 4385$
Stop loss: 4468$
Target : 4150$
You could also use the traditional targets for cypher patterns which are in our case the 38.2% and 61.8% Fib Retracements of the CD leg, but this would be a worse risk to reward ratio
I d like to share with you few interesting things to watch at BTCUSD in case you are looking to go short. So trying to build a case for entry, we have the following:
- Major resistance zone 4350-4450$
- Bear Cypher pattern with completion point at 4385$
- H4 RSI bearish divergence
Trade setup
Entry : 4385$
Stop loss: 4468$
Target : 4150$
You could also use the traditional targets for cypher patterns which are in our case the 38.2% and 61.8% Fib Retracements of the CD leg, but this would be a worse risk to reward ratio
Trade active
Comment
Entry at 4389$. Doji canddle on the H1 timeframe give us a minor reversal confirmation.
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