BTC could not break out in the bull trend and bearish trend has started. Tom Demark count is currently red 5 on the hourly chart. Which means we will have up to 4 more hours of bearish trend.
Scenario 1:
Price will drop till 7475 support level and bounce from there.
Scenario 2:
7475 will not hold and price will drop till Fibonacci 0.5 6945
Here are two trading ideas:
Low risk/low profit:
Short at: 7750
Take profit at: 7475
Stop loss: 7900
Higher risk/high profit:
Short at: 7750
Take profit at: 6945
Stop loss: 8100
Scenario 1:
Price will drop till 7475 support level and bounce from there.
Scenario 2:
7475 will not hold and price will drop till Fibonacci 0.5 6945
Here are two trading ideas:
Low risk/low profit:
Short at: 7750
Take profit at: 7475
Stop loss: 7900
Higher risk/high profit:
Short at: 7750
Take profit at: 6945
Stop loss: 8100