BTC day trade set-up!
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We can see on the hourly that a bearish pennant has formed quite nicely - with 3 touches on the upper trend line and 2 now (awaiting this hourly close) on the support line. NB: trade will be negligible if candles fall outside of the pennant.
That said:
1/ Long from support line to overhead resistance 8.25k (if feeling risky, 8.4k) - this has nice confluence as well with the close of the bearish pennant.
2/ Short from 8.25k till support of 7.8k (if feeling risky, 7.6k) - be cautious however, set tight S/L if buying power pushes through 8.25k.
*Not financial advice*
That said:
1/ Long from support line to overhead resistance 8.25k (if feeling risky, 8.4k) - this has nice confluence as well with the close of the bearish pennant.
2/ Short from 8.25k till support of 7.8k (if feeling risky, 7.6k) - be cautious however, set tight S/L if buying power pushes through 8.25k.
*Not financial advice*
Ghi chú
The trend has the right idea, however this is probably more like a bear flag vs pennant. Either way, both are bearish plays and should see a break to the downside. Give me a like, a comment, your thoughts! Get that rep up.
Ghi chú
AND... I WAS RIGHT!
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