Short

Bitcoin bull trap and then down

Updated

If it gets there. Bearish divergence forming on the higher timeframes, may see a bull trap before further downside. Will update with targets

Note

Instructions -

Open short between 8900-9000
At 8390 move stoploss to breakeven
Target 1 - 7960, take 10% profits
Target 2 - 7600, take 40% profits
Target 3 - 6740, take 40% profits
Target 4 - 6058 - take 10% profits

Will update as the trade goes along

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Overall trade RR is 3.49, with a profit of 25.3% and risk of 7.24%.

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Do not worry about having missed an entry, I believe that this is a bear trap and this hidden bull divergence should take us higher

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Was indeed a bear trap, nearly at the target zone

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So bitcoin is currently at an interesting price level. You should still be in profit if you took this trade. It looks like bitcoin is trying to close above the EMA12 on the daily, and this would be a bullish signal if it does. Selling pressure seems to be waning and a potential ascending triangle seems to be forming at the double top. If bitcoin closes the day (13/02/18) above the EMA12 (8735) I would take your profits and wait for a reentry point as this could trigger a bullish run. If bitcoin closes the day below 8735 I would keep this trade open. I will update this trade at the end of the day advising you what to do

Note

douglasaa

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