Bearish continuation: bearish pennant

Chart description:

- Expect another leg down, miminum 0.618fib retracement.
- Hidden bearish divergence MACD(d)
- Nice short opportunity, 3.61 RR at 1 fib.
- Will update chart as things unfold.

Note

So far so good.

Note

Hard to decipher what ew structure we’re looking at on the lower timeframe, so I’m keeping it simple. Short looks good, expect price to hit at least the 0.618fib at $0.30xx. Patiently, waiting for some reversal signals.

Note

Expect price to hit target at 0.618 lvl before moving up. MACD is currently forming a potential hook (more downward momemtum), but RSI(d) is also forming some bull div.

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Have this Bitcoin scenario in mind, since we printed a double top. Let's see.

Note

Target reached. No sign of any resistence, therefore expect prices to go lower. Intermediate targets laid out in chart.

Trade closed manually

HeftyBreadRoll

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