BITFINEX:BTCUSD Bitcoin / Dollar
Since November we have been in a clear downtrending channel. On 14th January we finally broke out of the channel to the downside and hit a clear bottom at 160. Now we are back in the channel and re-testing the upper limits of that again. The next few days should give us a clear indication if we are back in the channel or we can break out to new highs of around 300.
My alternative scenario of a high around 300 played out. I thought the probability of this happening was quite low hence I closed my longs from 210 at about 250. I didn't go short however because the dominating trend is up and my #1 rule is to trade with the trend. We still haven't broken my green trend line so considering a long at an opportune time. (caught a falling knife at 250 as well and got a sneaky long in earlier today to make up for missing out on the big move :)