BTC short term update

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
292 4 5
Bitcoin             faces a few key resistance levels and looks likely to face a potentially long drawn out campaign trying to move back above or below.

Notable areas first are the 50Dma in red which has found plenty of sellers also = the 38.2% level, then you have the 61.8% May 12th low.

Having held onto the key $435 support level April 28th low and making a double bottom there is a good chance buyers will now step in to try and make a push higher. This should not be viewed as a buying opportunity but rather a selling opportunity as the scope to move higher is limited and I would personally now be looking to eye that 61.8% level.

I have now covered all my short positions and look to try and sell higher at the 61.8%, the reason for this is that the daily fees for what I see as days of coming chop will only eat into what has been made on the original short. I'm also anticipating price action to mirror what you see in the circled area.

I'm not a buyer despite $435 holding as I see a lot of choppy price action and it's not worth the time to continually watch the charts in the "hope" 435 continues to hold instead I have set price alarms near 435 in case of a break and set sell orders with tight stop losses near the 61.8% level.

Good Luck

Comment: 1 of 3 short orders triggered stops above the channel.

Comment: Last orders filled stops above the last swing high.

Live chart with stop  
Live Chart BTC hits first resistance levels triggers 1 of 3 sell orders
China is reluctant to yield yet.
Great stuff again, appreciated
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