Short

Distribution phase followed by another selling wave

We are still in a very bearish environment. There is no more fresh money coming in this market (remember that wise investors are risk averse, investors ARE NOT TRADERS) well simply because BTC's rate is still outrageously high even though it has lost near 70% of its value since its peak in december and the currency is far too volatile. bad news, fud, hacking, regulations are more parameters indicating the bearish sentiment. Now the bulls are only coming from the margin trading sphere and possibly "printed" or unbacked manipuated tether bots which could take the rate higher toward 8000. We hit 6438 as low and bounced back up a few hundred points. This is part of a distribution window which should last another few hours to a couple days. A fake bull momentum should raise the rate with an estimated max around 7360. Then strong selling pressure will resume and take BTC's rate to new lows. I suggest a short sell entry within the fake bull window 7150-7350 the higher entry the better the risk/reward obviously. This trade has a 60% probability to hit targets which should be set: (half cover) at 6240 and remaining half 5875 to 5350. The stop loss should be set at 7600. Remember always use a stop loss and trade at your own risks... this is a personal opinion only!! Good luck to you and good trade!!

maxvinculum

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