Bitcoin - One more leg down 47k ?
Hello People
This is what is going on with bitcoin in my eyes after a long time of not posting any ideas.
BTC on daily timeframe is in a weak downtrend kind of a bull flag but dont let the flag fool you, they could fail just like any other pattern or candle formations.
our job is to assess risk and trade in the side of higher probabilities.
At the moment on H4 time frame as you can see BTC looks like to be forming a right shoulder if you want to look at it as a H&S pattern or just simply look at it as a lower high point obviously after printing that lower low at $52500, currently hovering at %50 retracement of the bearish leg that started on Sun 25 Aug. I've highlighted a dark blue zone which is exactly between %50-%61.8 fib which is very likely to act as a strong resistance. the next bearish leg would take BTC down to 47k-46k zone, my target to get out is set at 47k mark. risk to reward wise we are in a good situation which is 3 to 1, in my opinion trading is all about good enough risk/reward ratio and trying to be on the higher probability side of the market in other words trading what you see. even the best setups can fail so be smart.
let's see how the market unfolds.
cheers
This is what is going on with bitcoin in my eyes after a long time of not posting any ideas.
BTC on daily timeframe is in a weak downtrend kind of a bull flag but dont let the flag fool you, they could fail just like any other pattern or candle formations.
our job is to assess risk and trade in the side of higher probabilities.
At the moment on H4 time frame as you can see BTC looks like to be forming a right shoulder if you want to look at it as a H&S pattern or just simply look at it as a lower high point obviously after printing that lower low at $52500, currently hovering at %50 retracement of the bearish leg that started on Sun 25 Aug. I've highlighted a dark blue zone which is exactly between %50-%61.8 fib which is very likely to act as a strong resistance. the next bearish leg would take BTC down to 47k-46k zone, my target to get out is set at 47k mark. risk to reward wise we are in a good situation which is 3 to 1, in my opinion trading is all about good enough risk/reward ratio and trying to be on the higher probability side of the market in other words trading what you see. even the best setups can fail so be smart.
let's see how the market unfolds.
cheers
Feragatname
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