BTC:USD 4 hour chart DAILY UPDATE (day 105)
Updated
On day 93 I made an important update after changing my short term outlook to bearish. At that time were we severely oversold and I called for a “2-14 day rally before heading back downward.”
I expected that to provide a nice window of opportunity to get fully positioned before the next big move downwards. My strategy was to sell spot ETH & BTC, scale out of alts and back into BTC and also open a leveraged short.
I still have a little spot BTC to sell and some alts left that I would love to get out of (at breakeven) but overall I am very happy with my position. I am going to wait for further confirmation before selling the rest of my spot (max 15% of total roll). To execute that order I want to see a lower high below $7,500 or a breakdown of $7,100.
We are currently retesting the triangle that dates back to 2/6 and are getting a few reversal candles. Starting with what can be considered an inverted hammer, a spinning top and a doji. From here I am expecting a bounce to $7,450 and then a breakdown of $7,100. If not in a position there should still be time over the next 6-24 hours to set up a bearish trade.
Until next time trade happily and compound heavily!
Smash the follow for daily updates of the Bitcoin price action!
Don't forget that liking is good karma!
I expected that to provide a nice window of opportunity to get fully positioned before the next big move downwards. My strategy was to sell spot ETH & BTC, scale out of alts and back into BTC and also open a leveraged short.
I still have a little spot BTC to sell and some alts left that I would love to get out of (at breakeven) but overall I am very happy with my position. I am going to wait for further confirmation before selling the rest of my spot (max 15% of total roll). To execute that order I want to see a lower high below $7,500 or a breakdown of $7,100.
We are currently retesting the triangle that dates back to 2/6 and are getting a few reversal candles. Starting with what can be considered an inverted hammer, a spinning top and a doji. From here I am expecting a bounce to $7,450 and then a breakdown of $7,100. If not in a position there should still be time over the next 6-24 hours to set up a bearish trade.
Until next time trade happily and compound heavily!
Smash the follow for daily updates of the Bitcoin price action!
Don't forget that liking is good karma!
Trade active
Stop loss has been moved to break evenNote
Looking at the BTCUSDSHORTS chart on Bitfinex. The 4 hour looks like it fully recovered from going parabolic in early April. 50 & 200 period MA's have crossed and I expect a move to 27,500 before this selloff loses momentum.
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