DanLaffas
Short

BFX Daily - Short the hell out of it!! - UPDATE

BITFINEX:BTCUSD   Bitcoin / Dollar
203 2 3
After realising I was using MA, I've changed to 200 & 300 EMA as marked in the chart. Price has bounced of the 200EMA about 4 times with one short breakthrough. I'm guessing after banging on the $600 roof we will break down through the 200EMA and at least hit the 300EMA which funnily enough crosses at my 50% fib extension target of ~$421.

(I've extended both the EMA's with dotted lines. Not sure if this is common practice but gives me an idea of where we may touch in the coming month.)

I'm hoping it will continue through to my next target of ~$651-361 which happens to be both the 61.8% fib extension from the larger wave ( Dec             2013             top) and also the138.2% fib extension from this current wave (March 2014 top).

Time will tell....... Stay tuned my friends.
Hi Dan. Great job on this one so far. I'm not a great trader so cannot really contribute, but your analysis seems good. As a spike bottom Bitfinex saw $100 in February - I've got lots of buy limit orders set up to take advantage of any such bargain prices. Your feeback on whether or not a bottom is in when (if) we get down to your target levels would be most helpful. Best wishes, Nick
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DanLaffas nick.stoneman.5
I'm thinking that move to 465 was the completion of leg A in this downward slide. It should correct up to the 550 region - possibly 580 at a real stretch - to complete leg B. This correction should take 1-3 days. From there the fib extension puts the final move at 297 (1.0 fib), 200 (1.382 fib) or 140 (1.618 fib). This last one should take around 1-3 weeks depending on news and emotions.

I closed 2/3 of my short around the 490 range and will add back into it around 550 for the ride down. I hope your trades are going well. Dan
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