Quick profit: BTC short = 2.8R
BTC price still hovering near the high of it's bull run from last Thursday on the 12th.
We've had a break and hold above the yearly downtrend channel and created a bearish Flag pattern.
If we look closely we can see price consolidating and failing to close higher and thus a 1hrly Head and Shoulders pattern has forming horizontally along the Bearish Flag Pattern were the lower channel of the bearish flag pattern is acting as resistance suggesting a short for BTC.
BTCUSD
We have a clear target of 7500; 50% of the Fib from last Thursdays surge which lines up nicely with previous highs and lows confirming a decent support and resistance flip. Nice easy conservative target with a risk reward of 2.8 your initial risk. Not bad for half a days work.
See you on the flipside.
Entry at 8130
Stop Loss 8350
Take Profit 7500
= 2.8R
"Play the Market, not the Game"
We've had a break and hold above the yearly downtrend channel and created a bearish Flag pattern.
If we look closely we can see price consolidating and failing to close higher and thus a 1hrly Head and Shoulders pattern has forming horizontally along the Bearish Flag Pattern were the lower channel of the bearish flag pattern is acting as resistance suggesting a short for BTC.
BTCUSDWe have a clear target of 7500; 50% of the Fib from last Thursdays surge which lines up nicely with previous highs and lows confirming a decent support and resistance flip. Nice easy conservative target with a risk reward of 2.8 your initial risk. Not bad for half a days work.
See you on the flipside.
Entry at 8130
Stop Loss 8350
Take Profit 7500
= 2.8R
"Play the Market, not the Game"
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