BTCUSD / Short Setup IF Breakdown THEN Target Confluence Zone.

BTCUSD is sitting in a perfect setup for a day trade. A nice target is made if you take a cluster of several trends, patterns, fib retracement, and support/resistance. IF price breaks down below the current support level, your entry would be somewhere below the previous candle low. The confluence target zone consists of a descending/falling wedge trend line, fib retracement level 76.4%, long term daily upward trend line, and prior structured support/resistance. This will be an area where order-books are stacking up for take profit and reversal. If the move down collects enough volume the break down could be a similar wash out as the prior two dumps of the descending/falling wedge. It should also be noted that a descending/falling wedge is biased to a bull continuation after the pattern completes and breaks out to the upside. Always have a plan B for this possible long scenario.

-Jared

Trade attivo:

Make sure to manage your active trade. Move your stops from a loss to a profit and start thinking about scaling out.

Trade attivo:

Price is in the fib zone and on the trend line. Things could get slippery here while bulls and bears work out where price goes big next.

Trade chiuso: obiettivo raggiunto:

Excellent setup. Look for the next one. It's possible this move could go more, so move stops to protect from a bounce.