Bitcoin Short Setup – Descending Triangle Rejection
The price is approaching a key resistance level defined by the downward trendline. The expectation is that the price will reject from this resistance, leading to a bearish move.
Entry Point: Around the current price level, after confirmation of rejection from the trendline.
Stop Loss: Set at 95,446 (above the resistance level) to protect against invalidation.
Take Profit: Targeting 86,237 to 87,398, which aligns with the lower support zone.
Trade Rationale:
- The market is respecting a descending triangle pattern, which is typically bearish.
- Price is approaching a strong resistance zone.
- A lower high formation suggests a continuation of the downtrend.
- Risk-to-reward ratio is favorable, ensuring a well-managed trade.
Entry Point: Around the current price level, after confirmation of rejection from the trendline.
Stop Loss: Set at 95,446 (above the resistance level) to protect against invalidation.
Take Profit: Targeting 86,237 to 87,398, which aligns with the lower support zone.
Trade Rationale:
- The market is respecting a descending triangle pattern, which is typically bearish.
- Price is approaching a strong resistance zone.
- A lower high formation suggests a continuation of the downtrend.
- Risk-to-reward ratio is favorable, ensuring a well-managed trade.
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.
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.