5/29/22 – Short on 2weekly close
Bitcoin / USD FTX:BTCUSD
1 – 2nd weekly open of the month cycle started with the 12th May local bottom
2 – Bearish close of the first half week cycle. Therefore we can assume a bearish weekly closed
3 – Probable local top in conjunction with the falling trend line .
TARGET – After confirming the local top in 3 we can reasonabaly expect a weekly close as well as a 2 weekly close (started in A)
SHORT TRADE LEVELS
– market open after a reasonable top confirmation in 3
– SL: invalidation caused by breaking out both the falling trendline and the previous local tops in B
– TP: somewhere near the 0.618 Fib and the cyclic trendline
