ChrisThein
Short

Supply Zone BTC Short

BITSTAMP:BTCUSD   Bitcoin / Dollar
For all of you Bitcoin traders. Price just hit a weekly supply zone at 500.00. Its a big psychological price point as well. I would wait for a double top at 490 even before going short. There is some RSI divergence on the 60 minute chart. You can take multiple targets on the way down. I would look at 400.00, 333.00, and 285.00. You should trail your stop with this trade. There seems to be a lot of 'irrational exuberance' if you will, driving bitcoin up lately. I do believe over time it will go much higher. However, price is saying it is over heated. Good luck trading out there.
Comment: Price has fallen aggressively from the 500.00 level. If you put a Fib on the swing high to the current swing low (60min) an 88.6 lines up perfectly with my entry of 490.00.
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