BTC - Short Support to Resistance

Hello Future Millionaires!

We have significant bearish divergence on RSI on many time frames. We can also see a lot of selling pressure around ATH and some decent selling volume coming in.

18850 is a key support area. If we close below it, I suspect we'll see some downside continuation.


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Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!

-Yellow lines are typically used to chart out pattern formations and trend lines!

-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).

-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.

-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.

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Entry: 18835.5
Entry Zone: 19167.5 - 18620

T1: 18420
T2: 18125
T3: 17725
T4: 17360
T5: 16525

Stop: 19598.0


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R:R: 3.03
Risk: 4.05%
Reward: 12.27%
Leverage: 10X
Leveraged Risk: 40.5%

Leveraged Reward: 127.7%
Risk Assessment: MEDIUM-HIGH

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Disclaimer:

This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.

These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.