Bitcoin: A Close Below $13k, Opens the Door to $8500

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This chart shows bitcoin vs US Dollar on a Daily time frame. Notice the 4 colored lines. These are custom scripts that show good levels to buy and sell the instrument.

A close below the Blue line could open the door for a trip to the Red line, which is currently around $8500. That level would be bearish and I would consider shorting it there.

The custom support resistance indicator lines show decent places to enter or exit.

The Blue indicator line serves as a Bullish Trend setter.
If your instrument closes above the Blue line, we think about going Long.

If your instrument closes below the Red line, we think about Shorting.

For Stocks, I prefer to use the Yellow line as my Bearish Trend setter.
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Below $8500 is a good short!! Can't see good risk/reward in that I'm afraid. Why not short at $12500 to $8500. There is strong long term trend line circa $7000/7500.
Good chart. 8k definitely a possibility.
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