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Bounce higher provides good opportunities to short Bitcoin

Short
Bitcoin (BITFINEX:BTCUSD)  
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BITFINEX:BTCUSD   Bitcoin
Trend Analysis Chart Patterns
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trendanalysis chartpattern
There are a lot of reports, including on Bloomberg that bitcoin has bottomed and now the rally is back! These are just headlines, keep in mind the bigger picture here. Bitcoin has slid roughly 60% from it's high's, a one day bounce of 15% off the lows is hardly a sustained rally. We're trading well below the 200D SMA, a move higher here would be healthy for a continuation lower. Look for a bounce back to the 200D SMA for a good risk/reward entry on short positions.
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