Short

BTC Bouncing off 12/24 Hour EMAs

Updated

From an observation by @TheChartGuys. Thanks Dan!!

Low risk with a tight stop loss. Next two supports appear to be 7200 and 6900, which should be used as take profit points -- or a little higher just to be certain.

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I looked at the long side of this but it is not very compelling at this time. Resistances are too close and too numerous for my liking.

Trade active

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Is it just me? Or should the trade/position tools on TV show the entry/stop/profit on hover? Parameters for the short trade box are:
Entry: 7525
Stop: 7650
Profit: 6950

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Ahhh, damn. I see the parameters in the scale/sidebar now. That sidebar gets way too crowded at times (like on my base chart).

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Quite a fight this time. We'll see if it holds. Stop loss is in place =)

15 min chart with 12/24 hour EMAs.

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Crossing 7600 just caused some manipulator bear wraith. ~125 BTC sell wall appearing intermittently on Bitfinex.

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Even more than that.

i.imgur.com/KBZVQru.png

Trade closed: stop reached

Just barely stopped out. My trade is actually still active because I moved my stops to 7720 when the whale(s) appeared and pushed the price below 7600. I figured that he/she/they would play in my favor at least temporarily -- so risking a little more capital was warranted. Sorry that I did not post that. I was fascinated with and distracted by the "manipulator bear whale" activity.

The 12/24 hour EMAs were violated for a few hours but the price has been pushed back down under them for now. Perhaps, I was a little late to the pattern but I will keep on the lookout for this type of activity in the future.

UnsungTraderTV

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