MoonTrader
Short

New bear trend developing

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
My fears were confirmed from a recent idea speculating that the mid-term uptrend would be broken. Now we have a confirmation and I am currently shorting with an eye on the support levels on this chart. The price still hasn't successfully broken through the long term downtrend, but a new bear trend within the larger bear trend is starting to develop after an interim bull trend. I expect the price to steadily decrease from here, possibly finding support at any one of the lines I drew. My main target is the $320s area where I expect to see the most support.

I'm short since $368 and will watch each of these areas of resistance on the way down. It's not clear if we are headed for new lows yet, but if so, we should be better equipped to tell when and where a true reversal can occur. Also noted on the chart is the failure of a bullish moon, which is a quite bearish signal. We shall see if it is confirmed.

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