Bitcoin Short (H&S pattern + Triangle)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Place Short on breakout signal.
Stop Loss and Take Profit on chart!
Comment: Place Short Position ONLY on breakout (down) signal.
Trade active
Trade closed manually: Closed on reversal candelstick


Looks like a triangle pattern, it can either goes up if it break 1500 or down if it breaks 14800. Be careful with short trades as you may face sharp reebounds.
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Are you using moving averages at all? It's just working through the moving averages and it is consolidating now, between the lowest and next lowest moving averages on each timeframe. I think there is one more leg up before we call a final top. Any selloff will be minor, as this bounced cleanly off the 100dma on the 30 minute graph (50dma on the 1 hour graph). Because of that, there is some support here and we will go for another fib extension up.
ArShevelev josephtse
@josephtse, I am using EMA50 on 4h and 15or5 min chart. But as a confirmation for open position
where is the target where want to stop ??
Everytime I've shorted btc I've been burned.
+1 Reply
rockstaring levimusarra
@levimusarra, haha same
+1 Reply
josephtse levimusarra
@levimusarra, Same here. Don't short until monthly RSI gets to 97. Not there yet. Maybe around 18000-20000.
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