after publishing my daily views on BTC (finex) someone asked me to look a the lower time frames and so I have spent some time looking at them in earnest. I haven't made too much reference to it of late (because I simply do not have the capital to consider day trading) but I see an old familiar friend jump out at me when I look these lower time frame charts. Here then today I give you The BoT in action. This model is very handy when considering day trade setups as it pre-defines all the levels one should trade and the trade itself has a built in 3:1 reward to risk setup. I would have no problem taking this short at current levels and risking to just above point C (or just above 620.97). Anticipated target on the trade is 522.86. In essence we are playing the continuation of the prevailing trend where our risk is about $25 and our reward is about $75..
Cheers all and hope it helps
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p.s. if you would like to learn more about The BoT, feel free to check out my Google docs slide show presentation it: https://docs.google.com/presentation/d/1DY-LGVBMLx2yngfl92bgxndN9srJQF03xeGxrHFX2ng/edit?usp=sharing