BTC Bearish Signal. 1D Double-Top Break with RetestMy last post was about how I was hoping to catch the retest of the 1D Double Top bullish wave to 112.3K, well now that position is DONE! . It has hit my target TP.
To continue, I have entered a Short at 112.1K with a Stop Loss at 113K , which is right above the short order block. I was able to enter at a good position this morning because i caught a 15m Reversal Candle with a declining volume during the push up. Not long after that, the 15m timeframe shows a Head and Shoulders Pattern with agreement with its volume. and lucky for me I entered at the head! In the hopes of having a TP at 106.9K (or even more!). This TP is based on the minimum objective of the Reverse Cup and Handle formation in 4H.
In this position, the first challenge would be breaking the Support Line at around 109.5K , which is quite significant as it was touched a handful of times.
When the price reaches 107K i will monitor the momentum to see if I should take the TP at 106.9K or extend my TP to 99.8K . Because right now there is a Double-Top minimum objective of 99.8K . I also did a Fibonacci Analysis that shows it actually might go lower than 99.8K. However, to me, it all depends on the price action then. I don't wanna be greedy and we can always set up new positions later on.
Happy Trading!
