chickenboye
Short

Possible Double-Top Bearish Scenario?

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
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Looking at the 1d candles here it looks like there could be a sloppy double-top which may have just recently broken its neckline on the way down indicating our little bullish recovery may experience rocky times to come. This could easily be very wrong; the next week is absolutely critical for the validity of this trade.

I use bitmex for data because they have insanely high volume . notice the fibs as well.

I have this listed as short but I don't think I'll be trading on it just yet.

Cheers all
Mar 09
Comment: well shit i didn't realize it would look like this with the text after published.

purple line is the potential double-top, red-line is the neck-line which is currently broken but could possibly rebound and make this prediction dead
Mar 14
Trade active: Lets go!
Apr 07
Trade closed: target reached: no formal target but we're closing.

this is make or break territory for bitcoin, so I don't feel comfortable with a short.
Jun 07
Trade closed manually: this didnt work
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