Death to Bitcoin? Next target 5700? Then?

BTC death cross, I'm sure we've all seen it. Ive been predicting this move for a week now so hope you got some profits if you follow me.

We now have a lovely triple candle reversal pattern at the top near resistance, divergence, overbought and a possible double top. There are also lot of descending trend lines now and resistance above. First profits should now have been taken with the break of the rising wedge reversal pattern. Next positions will be looking at the neckline of the double top at 5700 for profits. Following that its a leg lower to 4000-5000. All these things are hypothetical though and I will be just taking profits at each point and swing trading each lower high in a short position in case we reverse.

We could still see a fakeout and move back inside the rising wedge or fakeout the break of the double top neckline. Its always good to just take profits regularly and before stops are hit. That is the name of the game a race between our profits and the brokers.

Ultimately if we keep cascading down and keep banging on the door of 3000-4000 even that might break though. One thing to remember however is the weekly moving averages are still above the 200MA so lets not get ahead of ourselves with too much doom and gloom for bitcoin...

Likes help me keep posting... follow for regular updates

Trade closed manually:

Temporarily closing trade after big divergence on 1 hr chart, we might see a pump to get a nice short entry price at a higher price. I can always re-enter later if things turn more bearish again.

Trade active:

Hourly MACDH turns negative again so back in short position. One thing I've learned over the years is that it can take a few attempts coming in and out of a trade, sitting on the sidelines and re-entering before a trade comes good. As long as commissions are low (in this case I trade CFD's so its fine). Much better to do that and manage risk than stay in a trade when momentum is against you.