BTCUSD Short (sell) Opportunity (Big Drop Possible)
BTC is looking bearish.
It cannot get higher than the lower resistance of the triangle that it has been attempting to break all day.
This is a pretty nice risk to reward ratio so I am taking this trade.
If I lose I stand to lose a small amount compared to the potential gain here.
Other reasons for going short here are based off Elliott Wave Theory which points to one more push down given the prior wave form.
It cannot get higher than the lower resistance of the triangle that it has been attempting to break all day.
This is a pretty nice risk to reward ratio so I am taking this trade.
If I lose I stand to lose a small amount compared to the potential gain here.
Other reasons for going short here are based off Elliott Wave Theory which points to one more push down given the prior wave form.