cheesetoast
Short

Bitcoin Analysis [UPDATE 16-04-2018]

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
So I was about to post a chart on the 15 minute time frame about a short trade opportunity. However as I posted the chart the drop in BTCUSD             had just occurred!! .

Now that this downside break out has occurred already (and made a nice profit), BTCUSD             could be setting up for a larger move down. I would wait for a small retracement to the origin of the small breakout before entering short.

There is also head & shoulders pattern forming that on completion would test an initial target zone of approx. $7,500. There is a risk that this target can overshoot and see a capitulation towards the $7,000 level.

Enjoy.

Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Comment: A break of this formation would trigger short sells
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