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BTCUSDSHORTS

Breach of key fib ratio - double down on SHORT position??After a parabolic move one should expect a pullback at some point. When researching BTC price history, I noticed a very familiar parabolic move that I normally see in high flying biotech stocks. I outlined a potential double top about a week prior to selloff “Hold on to your pants” and “Have you seen San Andreas” and have been enjoying massive gains from going short. But I’m not here to boast. Bitcoin Recently breached a long term Fibonacci level of 0.382 retracement. A continued move downward suggests .50 retracement down to $8,478.00. Looking at historical volatility, retracement of more than 50%+ brought in exponential amount of new interested investors/ traders. I expect the same to be happening again. $8478 is not my price target, just the next level of support I will be watching. Current setup suggests a potential AB=BC harmonic pattern which could go as low as .618 retracement from $13,876.00 (=$7222) Tip # 10 : Mathematically, a Trend line is known as the line of best fit. In charts, they are best drawn from high to high and low to low, etc. Please like and follow so I can continue finding good trades. Thank you in advance =) Check me out on twitter or instagram: @VolatilityWatch Disclosure : This is NOT a note to buy or sell. Please do your homework before investing.
BITFINEX:BTCUSDShort
by follow_the_money
Let's call it a bull trap...Happy Friday! Let's continue where we left off, shall we? We're still looking at the double top from earlier this week. As the days progressed, it's forming beautifully. Our pop was long and gruelling to babysit, which is why I gave up on it. That and I wanted to go play outside. What's the ol' saying? Bulls make money, Bears make money, Pigs get slaughtered. The thought process here is to let the distribution play out, and to wait for the market come to us. During distribution setups we will often see sharp drops and then quick recoveries, these are often what you hear called "fake pops" or "fake drops". When in reality there is no fake anything, because a trade was exchanged at those prices meaning they really did happen and really are a part of the charts history... so it's not in the slightest fake. While all this faking is happening, what's really happening is the big boys are selling off their positions in chunks based off the liquidity available. Think about this for a moment: If the price is at a high, don't you think TONS of people are going to want a piece of that breakout they think is coming? Of course you do. But all of those buy orders give the big boys someone to sell off their position to. That's how they can dump it. With this trade specifically we're waiting it out because although I'm confident on the short, I'm also confident and fully aware that momentum can shift on the way up. I want the price to go up so I can short it, but I also want to see it respecting the distribution setup and bearish momentum before I enter any trade. Without these factors, the move isn't confirmed and then this turns into 100% gambling. NOTE: if the price does respect levels on the way up this trade will most likely fail, so that's why we wait for the test. Some traders scale in to their position with situations like these, others should not trade it as it is again extremely high risk if you're not paying attention to the price action prior to the significant level. I set a trade entry, stop and target thing for the first time to try and make this a little easier to follow. But again, for the third time... if the price action does not respect the distribution and confirm more of a bearish divergence... then trying to short this is a stupid idea .
BITSTAMP:BTCUSDShort
by BTCNN
Bearish progressionProgression. It's often a word thrown around by many without the slightest clue what it means... so let's talk about it! Yes; distribution, big resistance, rising wedge. We were looking for shorts yesterday and are now in the move we were looking for. But staying short is a challenge because it should pop back up to test 8739 area. Why? Dunno? That's how double tops work. The price will generally pop after it's lost support and finished forming an M, and then will come back up and test the apex of that M, before coming crashing down. I wouldn't want to be shorting here, as bearish as this looks there are too many zones below here that could cause big pops. Speaking of pops, there is definitely room to play the pop off 7620, but ultimately I'd be looking to get back in short once we fail the apex of the double top. I'm marking this idea as neutral for this morning. I set an alert for 7640
BITSTAMP:BTCUSD
by BTCNN
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