BitcoinShort
Descending triangle, impulse move downward immenent
P&L 4:1
Support 3650 - 3700
Stop Loss 3690
Target 3000
Resistance 3200 (200W EMA)
Resistance 3120 (Previous low)
Descending triangle pattern with a target of 3000 based on the length of the height of the triangle. Target corresponds with psychological level of 3000 and close range to previous bottom and 200 week ema. Set close orders and take profits at this level as we can see a bounce up before seeing further downside movement from the larger descending triangle at play.
Support 3650 - 3700
Stop Loss 3690
Target 3000
Resistance 3200 (200W EMA)
Resistance 3120 (Previous low)
Descending triangle pattern with a target of 3000 based on the length of the height of the triangle. Target corresponds with psychological level of 3000 and close range to previous bottom and 200 week ema. Set close orders and take profits at this level as we can see a bounce up before seeing further downside movement from the larger descending triangle at play.
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