Earlier this morning we had a nice run up to the $7,100 level before promptly being stomped back down by the upper trend line. Since then, we have fallen straight through yesterday's descending triangle. As of now we are currently a little bit overextended in a pennant formation. Therefore I feel as though we may have a chance to break upwards and retest the lows of the descending triangle. However, I don't think we will be capable of breaking back above as we currently have a massive sell wall forming with well upwards of 800 BTC.
What I'm watching:
- currently waiting for a retest of the lows of previous triangle
- watching to see PA around that level to determine the strength of resistance
- The chance of a swift wick up to the $6810 range before the rejection
As is, my current points of interest are as follows:
Order type - Short
Entry - $6,780
SL -$6,855
TP - $6,550
NOTES:
Should we happen to fall to the TP, I will be taking 50% of my position in profit, allowing the rest to run with a break even stop.
Let me know what you guys think and if you enjoyed then please consider liking and following for more ideas and future updates!
What I'm watching:
- currently waiting for a retest of the lows of previous triangle
- watching to see PA around that level to determine the strength of resistance
- The chance of a swift wick up to the $6810 range before the rejection
As is, my current points of interest are as follows:
Order type - Short
Entry - $6,780
SL -$6,855
TP - $6,550
NOTES:
Should we happen to fall to the TP, I will be taking 50% of my position in profit, allowing the rest to run with a break even stop.
Let me know what you guys think and if you enjoyed then please consider liking and following for more ideas and future updates!