TheCryptAlpha

Quick Bitcoin Short Scalp -> Lots Of Overhead Resistance

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We are not to forget that we are in a bear market, and that this market should be traded from support to resistance and vice versa, We are anticipating a pull back from the $4K Level. Our stop loss will be right above the previous highs $4,043 ->
IF we are able to pull through the levels above there we should expect a $4,500 to $5,000 level targets. Both will then be able to be shorted with the outlook to the downside. We want to trade into the direction of the trend and the market should show you the trades. Just like we purchased at the break of the lows $3,300 to $4,000 we should consider hedging against our long positions, or taking profits on the positions and opening shorts. Above $4,000 I am considering a over reaction and a bull trap move. We are still within the channel so nothing unexpected has happened.

Trading involves risk, Be careful!

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Comments

missed all your targets again? TIP... less is more!
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