MEX_Exchange
Short

Bitcoin continues to test major resistance, remain bearish

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Sell below 15016. Stop loss at 15791. Take profit at 12908.
Reason for the trading strategy (technically):
Price continues to test our major resistance area at 15016 ( Fibonacci retracement , Fibonacci extension , bearish bat harmonic formation ) and we expect a drop from this level to at least 12908 support ( Fibonacci retracement , horizontal swing low support).
Stochastic (34,5,3) is starting to drop nicely from our 94% resistance level and we expect it to drop further with price here.
It was a good TA, but I made the same mistake yesterday. We didn't factor the trend line that got broken plus futures contracts going long
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PattyMcPat PattyMcPat
@PattyMcPat, Anyways, still not confirmed, could be a dead cat bounce. For confirmation, I think we need to break 16700
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sloppyCharts PattyMcPat
@PattyMcPat, well there ya go
+1 Reply
@MEX_Exchange should we now stop loss ?
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Sorry, didn't you mistaken stop loss with take profit?
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Rodrigopaz Cryptomerchant
@Cryptomerchant, profit on short position
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Bearish because you want to buy more btc even though it's breaking out of the downtrend line lol why use your feelings for TA?
+1 Reply
@B-Madoff, You are the one letting your feelings dictate what youre looking at.
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sloppyCharts ThomasCrown
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Thank you @MEX_Exchange for your nonstop great analysis
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