Commodore3
Short

Let's escort bitcoin down to sub 8k!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We have broken down the symmetrical triangle and probably heading back up to retest it. You can notice that the upward move is on lesser volume than the breakdown volume , confirming the breakdown. Brace up for a drop to 7400.

Being a conservative trader, I'll probably set my target a few hundred dollars above the actual pattern target. Good luck guys!
Trade active: And we're heading down already! The market doesn't even seem to factor in the Korean news of no ban. I anticipate a very hard fall. Let's visit 7.4k soon
Comment: I believe it may find temporary support on the downtrend line running from the 17k high, before eventually going lower

Remember to do your own research before trading.

Commodore!
Trade active: Expect more downside pressure once we break below the trendline. We're sitting on 10% profits already! Don't be greedy, book partial profits as we move lower. Good luck guys
Trade active: We're just $1000 shy of our target... If you're not in yet, I'll advise you to wait for a bounce before jumping in... We're doing the escort job quite well :)
Comment: I would book partial profits at this point. There's nothing as painful as stacking up so much cash on a short and losing it all on a sudden bull run. It's always wise to protect your paper profits to some extent.

All in all, we are very likely going to hit the target nicely, but I don't need to tell you nothing is 100% certain in the world of cryptos. Good luck!

Commodore!
Trade active: Trade is still active... The ride has been rough, but we're heading nicely towards my target. DMI supports further selling and we may even surpass the target. I recommend a trailing stop of $200 on the remaining position. Good luck guys

Comment: And touchdown! Target hit nicely! Hope we made some cool profit on this trade. More winning TAs to come. Let's make that cash!

Commodore!
Comment: I'm waiting for the price action to touch the lower line of the channel before buying. There is double support at the 7k level so I don't expect the selling to go much lower than that. Good thing about being a trader vs being an investor is that you make money on both uptrends and downtrends!

That said, I don't recommend any margin positions at this level as we my experience a spike downwards as is often the case in the last stages of corrections. Stay safe! Let's jump in!

Remember to do your own research before trading...

Commodore!

Nice job!
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Commodore3 venturetrade
@venturetrade, Thanks bro
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Clean TA, good job!
+1 Reply
Commodore3 profghibli
@profghibli, Thanks! Please like and share. More to come :)
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