Bitcoin about to breakout
Updated
Bitcoin is currently consolidating on the 1 hour chart underneath a falling trend line. Normally, I'm not comfortable taking a short position as price can easily break above. However, with Bitcoin's weakness and failure to push into higher highs, shorts are favored.
We can see a few significant doji's are also starting to form. I love entering trades at the half-way point on the wick and placing stops above/below thh wick.
If we project a downside target from the consolidation zone, the profit target coincides with a 50% Fibonacci retracement at $6,170 level.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
We can see a few significant doji's are also starting to form. I love entering trades at the half-way point on the wick and placing stops above/below thh wick.
If we project a downside target from the consolidation zone, the profit target coincides with a 50% Fibonacci retracement at $6,170 level.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Trade active
I've taken an aggressive short position at $6,356 with stops above$6,373. This is a small position. High risk but comes with high reward. Safer entry is a break of the lower trend lineTrade closed: stop reached
Massive volume to the upside!
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