4hr Short Potential Ahead

3. Apr.

Looking at the chart on 4hr time frame we see a good opportunity for a short entry at roughly $67,400.

Reasons
-Key moving averages converge as potential resistance
-Key moving averages not yet tested as resistance
-Daily trends in my indicators point toward more consolidation

Entry method
-Limit Order
-Front run the 200 MA at $67,350

Best case scenario we fill and take profit at $63,800 at bottom of the bollinger bands. At this point, we would look for a potential bullish divergence on the 4hr chart to consider a potential long. I will be mindful of the daily chart patterns and trends to consider any potential changes.

This will be a one to two day position to consider and will time out if the take profit or stop loss do not hit.

Stop loss 68.7k
Take profit 63.8k