BTCUSD: 4hr Descending Triangle Targeting $7K
Updated
Bitcoin is again forming a descending triangle on the 4hr chart with a measured target of -8.7% to $7027, the support of the bearish channel if this occurs on October 2nd. I'm ignoring the oscillators for the time being instead acknowledging yet another descending triangle and bearish weekly close that occurred yesterday. I'm anticipating the 4hr bullish divergence on the RSI to break due to bearish daily and weekly conditions. A bearish monthly close is coming tomorrow, which I expect to trigger this trade within a day or two if not sooner.
Note the descending triangle still requires confirmation of a third touchpoint on horizontal support, but with a risk reward ratio of 4.5 I can't pass up this opportunity. Given how bearish Bitcoin is looking overall and current projections that are repeating history, it's worth the risk.
Entry: $8070 (active)
Stop: $8031 (2.86%)
Target $7027 (+8.7%)
BTCUSD: Decision Time & Key Levels To Watch (29.09)
BTCUSD: If Bitcoin Repeats History? Monthly TD Sequential Red 1 (Part 6)
BTCUSD: Measuring The Move of the Descending Triangle Breakdown (Part 2)
Note the descending triangle still requires confirmation of a third touchpoint on horizontal support, but with a risk reward ratio of 4.5 I can't pass up this opportunity. Given how bearish Bitcoin is looking overall and current projections that are repeating history, it's worth the risk.
Entry: $8070 (active)
Stop: $8031 (2.86%)
Target $7027 (+8.7%)
BTCUSD: Decision Time & Key Levels To Watch (29.09)
BTCUSD: If Bitcoin Repeats History? Monthly TD Sequential Red 1 (Part 6)
BTCUSD: Measuring The Move of the Descending Triangle Breakdown (Part 2)
Trade active
Stop loss correction: $8301, not $8031. But it will move to break even asap due to the high risk nature of the trade.Trade closed: stop reached
Should of waited for confirmation. Still worth the risk though :D
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