Dead Cats

Potential dead cat bounce after the rapid price drop we have seen over the last ten days. Fractal is shown to illustrate possible outcome. I could see this bounce going as high as $6,700 before dropping to $6,000 or below.

My outlook is still short in the mid-term. I will decide soon whether to maintain or close my current small short position.

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Update: Closed small short position at $6,400. Total loss of 12%.

Opened long position above $6,400.

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Update: Closed long position entirely at $6,445 to cover losses from previous trade.

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Update: Opened small short position at $6,440 with 5x leverage. I will increase this position if and when BTC rises to resistance.

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Update: Increased short position at $6,500. Weighted entry price is now $6,480.

Increased leverage to 7x.

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I see three key resistance levels that BTC will have to break before we can begin to approach $6,000. These are illustrated below:

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Update: Increased short position at $6,555. Weighted entry price is now just below $6,500. I'm pretty happy with my entry considering the way this chart is shaping up.

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Update: Closed 25% of initial short position at $6,260. 26% profit realised on that portion of my position.

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Update: Closed a further 25% of initial short position at $6,250. 27% profit realised on that portion of my position.

50% of initial short position remains open.

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Update: Closed a further 12.5% of initial short position at $6,225. 30% profit realised on that portion of my position.

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Update: Closed a further 12.5% of initial short position at $6,200. 33% profit realised on that portion of my position.

25% of initial short position remains open.

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Closed remaining 25% of initial short position below $6,260. 26% profit realised on that portion of my position.

Short position is now 100% closed. I am watching for an opportunity to open another short position a little above current levels.