On the 4 hour chart, btc is ending a symmetrical triangle which is itself part of a bearish pennant. Last three times this happened, it broke down with force. I do not expect this to be an exception, so I am already on a short position, with a target of around 6100, which is decent for a scalp, specially if you use leverage.
Bollinger Bands are really ight right now, so this should resolve itself at any minute.
Bulls dont seem interested on defending this range, and bears have grown very confident after the huge dump last week.
I am not using a stop loss yet, since I am NOT using leverage, and would be adding up to my position up until 6800, where I would take my losses. But, for the record, I DO NOT ENCOURAGE OR RECOMMEND NOT USING STOP LOSS. This could break your account.
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Safe trades!
Bollinger Bands are really ight right now, so this should resolve itself at any minute.
Bulls dont seem interested on defending this range, and bears have grown very confident after the huge dump last week.
I am not using a stop loss yet, since I am NOT using leverage, and would be adding up to my position up until 6800, where I would take my losses. But, for the record, I DO NOT ENCOURAGE OR RECOMMEND NOT USING STOP LOSS. This could break your account.
If you found this useful, please follow and thumb me up! helps a lot!
Safe trades!