walkerjitzu

Re-test of upward channel

Short
GEMINI:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has been rejected by 50 MA daily twice: the last failed test of yesterday made price drop to $6,600. More downward movement is likely to come. On daily chart we can see a gravestone doji for yesterday's candle, which could signal a trend reversal (at least for short term). But, I still think that the crazy non-sense rally is not done yet, so for now I'm setting my target at $6,400, which is also 50 MA 4h. Breaking below that, would very likely mean dropping at least to $6,000. Also, quite notably, MACD daily seems about to crossover soon, signaling also a trend reversal, so I would be careful here - especially given the general socio-economical environment. Shorting here is definitely much safer than longing.

So, I'm opening a short-term short position, with TP at $6,400 and SL just above 50 MA daily.

I hope anyone can find this information that I'm sharing useful. I'm posting these analysis also for personal reference, as a sort of trading journal to keep track of my decisions and views. Feel free to drop a comment sharing your views!

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