🔥 Bitcoin Bearish Channel Short: Great Risk Reward
Updated
BTC is having issues breaking through the top resistance of the bearish channel. With the RSI hitting oversold and stocks selling off, we have to consider the idea of this being a temporary top. This trade could be a decent hedge for traders who are currently in a long-term long trade.
I'm waiting for the price to close below the 27,500 level before considering an entry. Target at 25,000 should be hit if this is indeed a temporary top.
Take some profits if around 26,000 if you're a more defensive trader.
I'm waiting for the price to close below the 27,500 level before considering an entry. Target at 25,000 should be hit if this is indeed a temporary top.
Take some profits if around 26,000 if you're a more defensive trader.
Note
Trade working out well. Defensive traders might consider taking partial profits.
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