it is a possibility to sell bitcoins now after that drop and a retracement.
best look at price action to confirm a sell.
open 3 trades not only 1.
take profit of 1/3 around the low of the drop and move stops of the rest 2/3 to breakeven.
take profit of another 1/3 around the red price trendline.
let the last 1/3 run. if this is a start of a downtrend (yeah, i know you guys dont like that idea because bitcoins are so cool) then see you at 700$ or below.
(this is not a trade call. do whatever your risk appetite allows you)
Trade active
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i am short from 1240 and took partial profit (1/3). Now every rest the stopplos is moved to breakeven. no more risk now.
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this is kind of redundant, but anyway
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sorry forgot the chart
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arrrr ... really sorry for spaming guys. please forgive me.