This is a classic Primed example of a trend short trade.
By looking at the recent history of BTC movement we have seen the ATR go to historical highs (based on our settings) which would classify a trend start, currently, the ATR is stuck in almost a straight line, confirming that we should be in a downtrend at least for now.
The rest of the system indicates that we should sell, price is at the 2nd layer of the fibs and showing good resistance so far with the RSI at its highs.
The overall price action move is bearish, lower lows, lower highs.
We might take profit earlier, at 123.6 or 138.2, we might also compound the trade.
Wishing you all luck!
By looking at the recent history of BTC movement we have seen the ATR go to historical highs (based on our settings) which would classify a trend start, currently, the ATR is stuck in almost a straight line, confirming that we should be in a downtrend at least for now.
The rest of the system indicates that we should sell, price is at the 2nd layer of the fibs and showing good resistance so far with the RSI at its highs.
The overall price action move is bearish, lower lows, lower highs.
We might take profit earlier, at 123.6 or 138.2, we might also compound the trade.
Wishing you all luck!