Beginning to watch some short positions as Bitcoin approaches it’s first resistance level. This setup will only play out if Bitcoin gets rejected at it’s current resistance level, if it continues to push higher there will be other short setups that arise.
The ACH setup is a simple bearish retest on a loss of support. There is some market structure overhead shown with the diagonal trendline connecting the lower highs. If entering a short position on ACH, have a conservative stop loss as it can form pretty large wicks during volatility that can easily wipe out stop losses.
Beginning to watch some short positions as Bitcoin approaches it’s first resistance level. This setup will only play out if Bitcoin gets rejected at it’s current resistance level, if it continues to push higher there will be other short setups that arise.
The ACH setup is a simple bearish retest on a loss of support. There is some market structure overhead shown with the diagonal trendline connecting the lower highs. If entering a short position on ACH, have a conservative stop loss as it can form pretty large wicks during volatility that can easily wipe out stop losses.