$BTC/USDT 4h (Binance Futures) Ascending trendline breakdown
Updated
Bitcoin has lost Trend-Line support and is also facing descending channel resistance, I think it could fall lower so let's hedge the market with low leverage.
Current Price= 46494.58
Sell Entry= 46334.03 - 47223.26
Take Profit= 43119.43 | 41067.06 | 38720.83
Stop Loss= 50138.67
Risk/Reward= 1:1.09 | 1:1.7 | 1:2.4
Expected Profit= +14.36% | +24.42% | +34.46%
Possible Loss= -15.64%
Fib. Retracement= 1.272 | 1.618 | 2
Margin Leverage= 2x
Estimated Gain-time= 5 days
Current Price= 46494.58
Sell Entry= 46334.03 - 47223.26
Take Profit= 43119.43 | 41067.06 | 38720.83
Stop Loss= 50138.67
Risk/Reward= 1:1.09 | 1:1.7 | 1:2.4
Expected Profit= +14.36% | +24.42% | +34.46%
Possible Loss= -15.64%
Fib. Retracement= 1.272 | 1.618 | 2
Margin Leverage= 2x
Estimated Gain-time= 5 days
Trade active
1st target missed by 346.39$I adjusted the first target up to 43418.61 to increase chance of reaching it, R/R still 1:1
After some ranging, Bitcoin finally dropped a bit more, I think it is still highly probable to continue the short-term correction.
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