Today's Tweezers Results in Bitcoin Lower High
Updated
The drop today in bitcoin is forming a tweezers pattern for the past two day's price action. This shows a rejection of yesterdays price increase and the drop today also forms a lower high on the longer-term daily timeframe.
The candle has not yet closed but this type of price action typically would result in an increased likelihood of a movement to the downside, especially if the price can close as it is currently forming. The closest level is resistance at $3902 and I will seek to enter a short position at $3901.
If the position is entered successfully, a stop loss will be placed at $3950, slightly above yesterdays close. Profit target will be $3840, just above the FTA at $3831.
The candle has not yet closed but this type of price action typically would result in an increased likelihood of a movement to the downside, especially if the price can close as it is currently forming. The closest level is resistance at $3902 and I will seek to enter a short position at $3901.
If the position is entered successfully, a stop loss will be placed at $3950, slightly above yesterdays close. Profit target will be $3840, just above the FTA at $3831.
Order cancelled
Cancelling my order. It seems to have been the right idea as the market has been moving downwards but it is questionable whether it will still be bearish if the price can rise up to where my order is at $3901. I will be offline for a number of hours and will not be able to actively monitor changing conditions.
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