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Strategies & Market Trends : TRIPLE TRADES
OPEN 7.230+4.5%Nov 5 3:59 PM EST
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To: Bull RidaH who wrote (316)1/18/2021 7:16:57 PM
From: Bull RidaH  Read Replies (1) of 4394
 
BITC - After briefly interacting with the 38,220 pitchfork target, BITC surged to over 41,900 before quickly crashing $11,500 to the 30,400 area. Its subsequent bounce back into the 36,800 area should be considered "dead cat" in nature, as it failed to achieve a second weekly close this past Friday above the pitchfork line.

The recommendation initially going into an upper pitchfork line is to unload longs into the line, and begin a conservative dollar cost average shorting protocol. No need to stop out of shorts and go long unless 2 consecutive closes occur above the upper fork line on the initial approach. At this point, the dca shorting protocol should continue, and a downside target will eventually emerge.

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