BTCUSD Head & Shoulders Short
Updated
Fundamental: Short term uncertainty, misinformation, and panic over future of BTC due to sudden cancellation of Segwit2X and the large volatility that followed.
Technical: BTCUSD has been severely overbought on larger timeframes for some time now, and yesterday's volatility introduced uncertainty among many newcomers. Not accounting for the short spike that made a new ATH upon the announcement of the cancellation, we have a clear head & shoulders forming, and should see a correction to cover the gap down to 6100 USD
Trade:
Short entry: Below 6900 after it breaks
SL: 7200
First target: 6660
Second Target: 6420
Final Target: 6100
Technical: BTCUSD has been severely overbought on larger timeframes for some time now, and yesterday's volatility introduced uncertainty among many newcomers. Not accounting for the short spike that made a new ATH upon the announcement of the cancellation, we have a clear head & shoulders forming, and should see a correction to cover the gap down to 6100 USD
Trade:
Short entry: Below 6900 after it breaks
SL: 7200
First target: 6660
Second Target: 6420
Final Target: 6100
Note
No chance to enter into short trade, but we have crossed the important 7200 mark once already. If we cross it again, I would consider it as a reversal signal and go Long instead.Order cancelled
7200 crossed again with great strength. Going LongTrade active
Long stop at 7100 was reached intraday. 6900 Short opening reached now.
Short trade opened and active. Let's see how low this goes or if my stop gets hit again...
Note
On track so far.EMA200 is approaching price point soon and we may bounce hard off it.
H&S height calls for 6180 Bottom, which is near where EMA200 is likely to intersect price.
Final Target can be shifted to 6180 if worried.
Trade closed: target reached
Great trade! Hope you enjoyed it :)
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