bagofXMR
Short

Bitcoin bull trap - Short oportunity incoming

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Bitcoin trend is seriously at danger. With the huge uncertainity incoming that could result in a bitcoin split and the total chaos, bitcoin has suffered a strong dip, with total lack of bull resistance.
I'm expecting a strong bounce in here, as the Stoch RSI and the RSI both basically gave buy signals. The shape of that 4h bottom candle also suggest a reversal. Closing the next 4h candle above the black dashed level (2325-2330) would support the strong bounce incoming.
The red points lines are my short entries. I will ladder my short entry and sell 20%-30%-30%-20% in each level (2454, 2546, 2644, 2752).
The second black dashed line would be my stop, though i will closely monitor the market in case the stop needs to be changed.
Once filled i would target the 2325 level, the double bottom level, 2135, the pink line at 2040 and ultimately the blue and the fib support from this 3 months parabollic move at 1700 area.
Good luck and trade safe.

Comment: Right now looking good for hour short.
We need a bit more down and we will get to new bear signals: macd and 55,89 EMA bearish crossovers.
We also have the bearish divergence in RSI and the 0.786+0.618 rejection.
Comment:
Comment: To follow my insights and decission on this short consider following this idea
There is no more margin available in kraken to buy btc in BTCUSD pair, what does that mean? fall is coming?
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@bagofXMR I'm reading about segwit wait may be over, 80%+ of the hash power signaling segwit support now, if that is true the price may get a big pump i guess
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By the idea that is in the graph, from 0 to 100, what are the chances of being materialized in the current trend?
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okay, if i use coinbase, i need to do a $50 adujustment. Thanks for sharing.
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you love being the bear :D
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bagofXMR filbfilb
@filbfilb, longing bull markets is for pussies, too easy :P hahaha
+1 Reply
impressive, arriving 2325 minutes before the 4h candle close..
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bagofXMR etiennez0r
@etiennez0r, The composite man makes ta too, they now where to drive the price to find buyers/sellers to rekt :P
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"back to normal"
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bagofXMR etiennez0r
@etiennez0r, "back to normal" they said. "10k incoming" they said :P (i hope i dont have to swallow my words tomorrow)
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