Temporary UP Swing Before New Lows

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The timing was down right perfect for this break out of our sideways... would have preferred it go DOWN, but either way we are seeing a small attempt at some upside which should last a day and a half or less depending on the strength of the Bulls.

Revised the Time Ranges and some directional arrows for price movements.

I am still holding a SHORT position through this upside... yeah I'm that guy who shorted the bottom. :(

*UPDATE: I got a bit over eager and posted this idea a bit too soon. My fault for staring at a 5 minute chart to be able to see any kind of price movement and I got so excited to see a HUGE candle sticking out... and it was only a $2 move. LOL
Where did you see an upswing in your posted chart given that the StochRSI was in an overbought region?
Bonavest ChartArt
It was merely based on some very small price action that happened right on the candle I was expecting something to break up or down, but didn't realize it was only a $2 candle. LOL

As for the StochRSI... take a look during Apr 6-9. StochRSI was way oversold, but we still kept going down. Gotta use more than one indicator to confirm.
Hello fellow Ichimoku trader! I too use the 240m a great deal but did you consider what Ichimoku was saying on the Daily timeframe?
Yeah, unfortunately with no sleep and staring at 5 min charts I jumped the gun when the price moved $2. My previous chart before this one is what actually ended up happening.
norok Bonavest
Don't do that bud. Realize that playing a $1 move on Bitfinex is roughly $0.25 in commissions. With the price manipulation, multiple exchange prices independently influencing the market, and trading costs you have to shoot for at least $10 moves. You won't find such potential moves any lower than the swing trading timeframes; 120m and 240m.
Guess no one reads the words under the chart. LOL At this point I was holding a big short of >150 BTC. I trade for the long term, but I was posting this idea based on seeing this 'big' green candle pop up right on my time line and I got excited and posted the idea.

I don't trade based on movements less than $8-$10. Not worth it and hard to get in and out of the position at 150-300 BTC.

What upside is that? I still only see sideways really...
Bonavest JeroenHouttuin
Yeah I was a little quick to post this idea that I had already charted up in anticipation... It ain't over yet so I will wait and see.
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