My opinions are not financial advice!
After a brief consolidation period, a scythe pattern on
BTCUSDT developed within the past two days. The rise in price can in part be attributed to the debut of the 
BTCC ETF in North America. A Scythe pattern after an uptrend usually indicates a short opportunity.$BYBIT:BTCUSD
There are two likely scenarios:
A bearish divergence on the RSI indicates that a retracement is likely.
After a brief consolidation period, a scythe pattern on
BTCUSDT developed within the past two days. The rise in price can in part be attributed to the debut of the BTCC ETF in North America. A Scythe pattern after an uptrend usually indicates a short opportunity.$BYBIT:BTCUSDThere are two likely scenarios:
- The weekly H3 pivot is the nearest major support zone for BTC, and a retracement to 52k could likely allow its bullish uptrend to continue.
- The weekly H4 pivot is also a likely support zone to watch for taking profit on a short or entering a long position.
A bearish divergence on the RSI indicates that a retracement is likely.
Trade closed: target reached
It would have probably been wiser to use the daily pivot as I was charting on a small timeframe. The daily pivot would put my target at 54.4k instead of 55.1k, but a 2.8% profit is better than no profit.Trade type: Short
Percent Gain/Loss: +2.8%
Note
Support/Resistance identified at 55.2k. Buy wall at 48k, price rebounded, most likely consolidating for the next few days.
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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.