Bitcoin - The Devil is in the Details

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I know some people hate 15-minute time frame charts, but for situations as this one I love to use them because they can really tell you throughout the day what might occur next.

So yesterday I was a bit zig-zaggy about my trade. I cancelled it, then reconsidered, and then did it anyway. As I said "I eventually took the risk anyway at $9150 to short BTC and took profits at $8875."

Today it almost seemed as if a double bottom might have been forming, to proof me wrong and put us back on the moontrain. However this did not happen yet...

The failed double bottom is actually a bear flag . It is a bear flag quite similar to one we have seen in SP500 index. I will add the picture below. It indicates a severe drop could still occur, and therefore I still believe that my bottom target of $8167 is reasonable and in reach.

I just opened a trade on 9230 USD which was the moment the MACD crossed. I will be watching the price action closely. I am planning on taking profits between 8600-8800. I am not a superpro yet so this is yet to be determined. Currently it is set at 8652. The reason for this is because I think we can have another small bounce up and might not go straight through the support line of the bearflag.

What do you think? Leave a comment & like.


Comment: (Please note it is an intraday chart of the SP500 index)

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