abztrdr
Short

HTF Bitcoin short based on PA

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bearish outlook for two reasons:

Price has so-far failed to close above the key resistance/support level (red) despite numerous tests.
This has proven to be a key level which can be visualised in the 1D chart below.

has failed to close above the .618 fib level (blue), the only test resulted in a strong rejection.
Historically cycles have reversed at the . 618 retracement level of the previous cycle, I have no reason to assume it will be different this time, especially when it is so close to such a key S/R level .

Extra info:
The year-long downtrend is currently $525 dollars away (black dotted).
I am still expecting positive altcoin movements.
Will add to my short if the price revisits 6800 and plan to add again if the 6535 becomes resistance.



Prices of interest
Target 1: 6555
Target 2: 6450
Target 3: 5790
Target 4: 5350
Bottom: 4300

Follow me on Twitter for occasional FA and plenty shit posting.
Comment: Will consider long positions if the ~6555 area responds well, eyeing a potentially similar scenario as June where the Key R/S level was touched twice before a move north - possibly to the yearly downtrend line at ~7175.
Comment: 25% covered at 6450 and manually closed a further 50% @ 6370.
Comment: Added back at 6520 on the 6535 will become resistance.
Comment: 6535 resistance gave way but still closed below 6765 red bull/bear line.
Comment: No changes, average entry is 6720.
Comment: Despite the price skew on finex, the daily still closed below the B/B line.

No major position changes but taken some profits last week and managed to get some asks filled on that wick up. Avg entry is now 6707.
Comment: Added more at 6465. avg entry is now 6637.

This has turned into a range play and therefore will only update when this position is finally closed out to save on spam.
Trade closed: target reached: Target hit, Position closed @ 5480

(Chart shows Finex premium, trade was on Deribit)
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