fossildog117

Great short opportunity - BTC/USD

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
- Leveraged longs at all time high as suggested by the BFX long vs short indicator.
- Price is below 50 and 200 MA, possible death cross.
- Volume continuously decreasing
- Time indicator would suggest either:
(a) the 1-4 day correction is over and we fall now, or
(b) we see a continued rally to a green 8 or 9 followed by a red 1. (this would be an ideal trap scenario)

A good short opportunity would be sometime between now and the next 2-3 days.
Stop-loss at $9400 (around the 50 MA)

If a breakdown occurs then double down on the short position as this would probably lead to a bear break of the triangle formation. With a new stop loss at $8600
Comment: Take profit at $7000-6000 range
Comment: Stop loss at break even
Comment: Generally position should be closed at this stage

Comments

go long this time
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