DrDovetail
Short

Stop Loss triggered 5 closes below 50MA

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Nothing to do but short...and maybe reassess when to go long again based on how price reacts at the blue fib line....not a bad idea to set a limit buy way below that, while keeping an eye on how far we dip below the psychological support of 8,000. THis could very well be the results of whales stop loss hunting. So be on the ookout for any sudden boosts of bull volume and momentum to signal a turn around but for now I would be shorting at least until the 161.80% retracement. The 5 closes below the 50MA was the biggest sign...just to be safe I wanted to wait until Iw as below the red line though so I didn't ave my stop loss triggered solely by stop loss hunting whales. It seems with dips like this the death cross on the 1 day chart is an inevitability which means more downside...best to short the market for a little bit and see where this takes us, while being careful to set a smart stop loss buy back in just below the original red stop loss signal just in case it recovers before you can buy back in at the low you want. Factoring in the upcoming death cross I think it will drop farther than the blue retracement line but we will see soon enough.
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