This chart is setup using an inverse HVF. At this current moment it is sitting really pretty at the Downside Target 1.
I do expect BTC to rally back up for a proper retracement, possibly back up to the $8k area. I might then consider a possibility to then enter a short position once this has taken place see it break out of the funnel to the downside again.
Target 2 is set at around $4,756. I would most likely take most of my profits off the table around this target. Target 2 has a high probability of being hit.
Target 3 is worst case scenario with still a realistic possibility of being hit with a target of about $2,431. I myself would not wait to close out my full short position at this point. This will be a great opportunity for the accumulation phase where professional investors and traders will load up on BTC and new and weak traders will most likely sell.
I hope this chart helps !
Follow me on Twitter @ KennyDegu
I do expect BTC to rally back up for a proper retracement, possibly back up to the $8k area. I might then consider a possibility to then enter a short position once this has taken place see it break out of the funnel to the downside again.
Target 2 is set at around $4,756. I would most likely take most of my profits off the table around this target. Target 2 has a high probability of being hit.
Target 3 is worst case scenario with still a realistic possibility of being hit with a target of about $2,431. I myself would not wait to close out my full short position at this point. This will be a great opportunity for the accumulation phase where professional investors and traders will load up on BTC and new and weak traders will most likely sell.
I hope this chart helps !
Follow me on Twitter @ KennyDegu
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.