BTCUSD bars are starting to look like a hanging man at the moment of publishing, however there are 4 days left for the week to end. Lets prepare for a possible consolidation scenario.
This is a weekly chart, and price is in Log scale.
The last rally should have reached 5200-5400, but the 5000 psycological barrier offered resistance. An RSI divergence looks bearish rather than range. Stoch RSI is not yet overbought, but again this could be due to the unexpected 5000 resistance.
You can either go short right now and place Stop-buy over 5000 the next 3 to 6 weeks to enter the market with a R/R of 3.42 and a profit of 34% OR you can also wait for downtrend to confirm, which will give you a R/R of 2.25 and BTC profit of 14%.
This pull-back will be healthy for the market, in order to reach the next target of 6900 this year.
Taking profit now differs from the chart invertion trend (see link bellow), but timing also happens to confirm TP time.
Market can also try to retest 5000 and even reach the 5200-5400 zone before pulling back.
Either way, it is time to set up Stop-loss according to your trading strategy.
Exit options and levels are shown in the graph.
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This is a SHORT idea
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Market moving as expected. The two short levels were reached. Now it is time to wait for a reversal in the blue zone
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Market tested support zone as expected on the upper level. Current conditions will be posted. There is a possibility to retest support zone