Looking at the BTCUSD 30-minute chart, we can clearly see the price has formed a double top rejection near the 87,000 - 87,167 resistance zone.
Instead of shorting the current chop around 85,600, my trading plan is to be patient and look for a SELL ONLY on a 3rd top formation.
Here is the game plan for this setup:
The Setup: If BTC pushes back up to retest the 86,800 - 87,167 supply zone, I will be watching closely for volume weakness or a bearish rejection candle on the 30m/1H timeframe to confirm a Triple Top.
🔴 Entry Zone (Short): 86,800 - 87,167 (Waiting for that 3rd top!)
🎯 Target 1: 85,580 (Current minor support)
🎯 Target 2: 84,600 (Lower support zone)
🎯 Target 3: 83,100 (Major support block)
🚫 Invalidation / Stop Loss: A strong 30m or 1H candle close above 87,200. If we break the double top highs, the bearish thesis is invalidated.
Patience is key here. Let the market come to our resistance zone and prove it can't break the highs before stepping in to sell.
What are your thoughts? Are you looking to short the next bounce or do you think we break out higher? Let me know in the comments!
Instead of shorting the current chop around 85,600, my trading plan is to be patient and look for a SELL ONLY on a 3rd top formation.
Here is the game plan for this setup:
The Setup: If BTC pushes back up to retest the 86,800 - 87,167 supply zone, I will be watching closely for volume weakness or a bearish rejection candle on the 30m/1H timeframe to confirm a Triple Top.
🔴 Entry Zone (Short): 86,800 - 87,167 (Waiting for that 3rd top!)
🎯 Target 1: 85,580 (Current minor support)
🎯 Target 2: 84,600 (Lower support zone)
🎯 Target 3: 83,100 (Major support block)
🚫 Invalidation / Stop Loss: A strong 30m or 1H candle close above 87,200. If we break the double top highs, the bearish thesis is invalidated.
Patience is key here. Let the market come to our resistance zone and prove it can't break the highs before stepping in to sell.
What are your thoughts? Are you looking to short the next bounce or do you think we break out higher? Let me know in the comments!
Note
THE ORDERBLOCK and zone marked as an resistace worked very grt today huge seeling have been seen fronm their Note
Still tralling but soon i will book tooTrade closed: target reached
Note
working very well 3 top idea
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.