BTC Very Short Term

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
690 3
I have now closed my 4,100 shorts at 3,700. I am now long for a move into the 4,400 region, Bearish Bat .

A local bottom appears to be put in place in the 3,700 region for what some might consider a short-time-frame double-bottom. Since the trend is down I am only entering with half of my normal position size with the idea that this is a counter-trend-trade that could go against me. I'll look to open shorts at the top. This pattern is not yet confirmed until reaching point D so entering here is risky but the prior 4hr closed strong and support is holding "for now".

Stops Below Point C 3,670
Order cancelled: I stepped out of this trade on the last push up for break-even and will look to re-enter if and when we take out the daily pivot. So far I'm not liking what I'm seeing with price action so I'm sitting this out for either a break below support or taking out that daily pivot.

Trade closed: target reached: Cashed out of my long now waiting for bearish confirmation.
Comment: If we keep ripping higher then 4700 is the absolute best R/R short because any push above that gets really bullish so the risk is low.

Otherwise I'm waiting as outlined above to short the bounce if 4300 doesn't hold.

Comment: Target Hit.

Comment: It's possible we reverse off 50fib but the inflection point should be just above the 618.

Target hit.
That's 3 profitable trades in 1 published chart.

This chart is now finished.

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