BTC looking at a ~$300 drop in the next 24 hours.
Direction: Short
Entry: anywhere from 3800-3875 for a limit order OR a sell stop at 3799
Stop: ~3910
Target: 3,500
(all prices BitFinex)
Descending triangle in a down-trend, with declining volume and spreads. To see a perfect example of a descending triangle in action with this volume profile, zoom out to the BTCUSD weekly chart for 2018.
Entry isn't important to pinpoint: it's important to get in before the move happens. Target is half the height of the pattern.
Entry: anywhere from 3800-3875 for a limit order OR a sell stop at 3799
Stop: ~3910
Target: 3,500
(all prices BitFinex)
Descending triangle in a down-trend, with declining volume and spreads. To see a perfect example of a descending triangle in action with this volume profile, zoom out to the BTCUSD weekly chart for 2018.
Entry isn't important to pinpoint: it's important to get in before the move happens. Target is half the height of the pattern.
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