TradingElephant
Short

Using Ichimoku, Trendlines, and Gann Fans for Support/Resistance

OKCOIN:BTCUSD1W   Bitcoin / Dollar Forward 1 Week
Over the next couple days, we will see a lot of bearish action, primarily from the news of the upcoming US Marshall's Auction, as well as people who bought in the lower regions trying to cash out in profit in fear of a bearish drop coming. Now for the TA... the longer bearish trendline will attract the price for a bull trap, dropping the price out of the purple region of the Gann fan . The Tenkan-Kijun Cross from the Ichimoku is also signaling a *strong bearish turn, and the cloud will provide excellent resistance (*Strong because the cross is occurring under the cloud). Ideal position in this case is a Short from $246-$250 to $211-$217.
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