I'm sorry but the target does not fit in to the chart.
As you can see, the overall situation in the crypto market is not looking very healthy,
We have here a very simple setup, we combine:
- RSI Bearish divergence.
- Uptrend with decreasing volume.
- Failure to break major resistance of 2000$.
- Bitcoin selling at less than 25000$.
And for the previous reasons, I would consider opening a short here with targets 1370$ 890$ and 285$ (high before 2020 market crash).
For entering, there is various options, you can enter now or wait for a confirmation like for example, the breakdown of the trend-line and a retest.
This trend-line is acting as a strong support so It might take a few days to see a breakout, however, this setup can be wrong, nothing is infallible, no trader wins 100% of the time so please, remember that the first thing is to protect your capital.
It's recommended to set a stop loss at 1790$.
As you can see, the overall situation in the crypto market is not looking very healthy,
We have here a very simple setup, we combine:
- RSI Bearish divergence.
- Uptrend with decreasing volume.
- Failure to break major resistance of 2000$.
- Bitcoin selling at less than 25000$.
And for the previous reasons, I would consider opening a short here with targets 1370$ 890$ and 285$ (high before 2020 market crash).
For entering, there is various options, you can enter now or wait for a confirmation like for example, the breakdown of the trend-line and a retest.
This trend-line is acting as a strong support so It might take a few days to see a breakout, however, this setup can be wrong, nothing is infallible, no trader wins 100% of the time so please, remember that the first thing is to protect your capital.
It's recommended to set a stop loss at 1790$.