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UnknownUnicorn1121585

BTC Bitcoin Ponzi --Descending triangle being formed--

Short
Bitcoin (BITFINEX:BTCUSD)  
UnknownUnicorn1121585 Updated   
BITFINEX:BTCUSD   Bitcoin
Trend Analysis Harmonic Patterns Chart Patterns
9
5
trendanalysis harmonicpatterns chartpattern
Previous upswing failed to breakout, and the 0.618 level was breached, meaning that a much more bearish move is to come. I am targeting around 3200 to even 3100 for the next downturn.

Short level: 3700-3750

Target Profit: 3200

Stop Loss: 3850
Comment:
snapshot

Daily chart MACD is showing a rejection of the bullish incursion.
Comment:
Stop Loss MUST be respected as a breach of the 3850 level could mean a return to 4k levels and short positions liquidated en masse.
Trade closed: stop reached
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