Bitcoin
Short
Updated

Bear trend continuation - Short BTC 4H

134
Will look to short BTCUSD if price manages to complete a double top at the red arrow. Provides a good risk/reward with a high probability short setup.


Potential reasons for entry:
Outside return could act as resistance
Potential double top (with bearish divergence on RSI)

Top of Bollinger band
Top of the falling wedge pattern
Trend continuation

Stop loss: 1 ATR above outside return. A candle close above the highest point of the outside return would violate the bear trend on the 4H
3:1 reward to risk ratio
Take profit: 1st target will be at the new structure low


snapshot
Trade active
snapshot

Down to the 1 hour TF, there is a potential Bat pattern with the D completion at the short zone.

Added confluence to the short trade.
Note
Made a mistake on identifying the pattern. It's suppose to be a bearish Gartley as opposed to bearish Bat pattern.

Potential Gartley with D completion at 1.272 fib ext A-B (4487.9 USD)
Note
snapshot
Order cancelled
Potential Gartley invalidated with C leg violating A.

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