Timeframe: 240M
Main Scenario: The rate is trading in the red and seems too heavy to stay higher. Maybe we'll have a significant drop after the failure to reach and retest the upside 50% Fibonacci line of the descending pitchfork. The first target will be at the median line (ML). Technically, could drop further as the Bitcoin could slip lower on the short term as well.
Alternative Scenario: Price could fail to approach and reach the ML, so a larger bearish movement could be invalidated. Only a valid breakout above the 50% line it will really confirm an important increase.
Entry/Stop Loss/ Take Profit: We can go short if the rate will slip and will close below the 82.344 former low, from 81.942 level. The Stop Loss can be placed above the 84.803 former high, at 84.947 level and the Take Profit at the 74.605 level.
Duration: 3-5 days
Consolidation/Ratification level: You can drag the Stop Loss below the opening price if the rate will make a valid breakdown below the ML.
Warning Level: A failure to approach and reach the ML could signal another bullish momentum.
Risk Management: Risk/Reward Ratio: 2.44
Main Scenario: The rate is trading in the red and seems too heavy to stay higher. Maybe we'll have a significant drop after the failure to reach and retest the upside 50% Fibonacci line of the descending pitchfork. The first target will be at the median line (ML). Technically, could drop further as the Bitcoin could slip lower on the short term as well.
Alternative Scenario: Price could fail to approach and reach the ML, so a larger bearish movement could be invalidated. Only a valid breakout above the 50% line it will really confirm an important increase.
Entry/Stop Loss/ Take Profit: We can go short if the rate will slip and will close below the 82.344 former low, from 81.942 level. The Stop Loss can be placed above the 84.803 former high, at 84.947 level and the Take Profit at the 74.605 level.
Duration: 3-5 days
Consolidation/Ratification level: You can drag the Stop Loss below the opening price if the rate will make a valid breakdown below the ML.
Warning Level: A failure to approach and reach the ML could signal another bullish momentum.
Risk Management: Risk/Reward Ratio: 2.44