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Short

Bitcoin Rally About To Start in Next 3-6 Hours - After 7600 Fall

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Many traders are confused about what is happening with BTC now. But people from traditional markets know that it is a classic example of a Short Squeeze.

So in the next 2-5 hours BTC is to fall in the range of 7600 - 7800 (+/- 2%) after that there will be a rally where all the people shorted will correct their positions. This rally may go upto 11000 and then will correct.

So my trading strategy. Short now, Go long at 7600 after checking the support at that time.
Trade active: After it reaches, you have to check the support at 7600, if the support is breached 7600 (check for about 30 mins), then it can further go down to 6500 levels.
Comment: The rally may end at 9000. There is heavy resistance and it is also the downtrend line. So be prepared to sell around 8800 - 9000. As always, wait for the market conditions to clear your positions.
Trade active: So the fall have started as predicted (Infact 1 hour early). Dont buy till the fall stabilizes. Avoid day trading in these periods. Go long in the targets I have given for an easy 15-20% profit.

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