Bullish Relief Retracement. Taken Profit. Third Bearish Trend?

KEY POINTS:

- RSI is Bearish.
- Volume is Bearish.
- The Price Action is within the Bearish channel.

So, we think that the Trend is Bearish.

- RSI is also a bit oversold.
- Volume is falling.

So, we think the Price Action is weak, which - in this case - favors the Bears because it will stay within the channel, which is Bearish.

In the end, we expect a Bullish relief retracement to $36 000, then more Bearish Trend Continuation towards $30 000.

Commento:

To clarify, we are not in a Long position.
We seek a better entry for our Short position.
We suggest you might want to Long here with a tight Trail Profit.

Trade chiuso: obiettivo raggiunto:

As we've predicted, the Price went up from $34 700, hit $36 000 then fell to the down channel ($33 000 - $32 000).
The Risk-Reward Ratio was not good enough for us to trade. Nevertheless, Congratulations if you took our Idea and closed your Long in +37% (x10) Profit ✨

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