polock

BTC possible bearish Bat pattern

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC has been drawing lower highs and lower lows for the past few days suggesting the presence of a bear market. Furthermore, the coin appears to be drawing a large bearish bat pattern. The RSI is also largely overbought.
In my opinion, the coin has just pumped to take out stop-loss from short traders.

I expect a continuation from the downward weekly momentum and suggest we could be close to a local high.

Short between 47k- 48k
Stoploss: 49.2k
Take Profit: 44k, 41k and 38k
Trade closed: stop reached: BTC has went against our ideas and has decided to first pump to the larger time frame resistance before resuming the downtrend.