KennySniper
Short

Bitcoin heading to sub $3900?

KRAKEN:XBTUSD   XBT / USD
Bitcoin has been looking weak for several weeks now with strong quick down legs and slow forming up grinding legs. This is a bearish sign. Looking at the On Balance Volume , it has also been showing lower highs and flat bottom lows which is another bearish sign in volume .

The overall Macro trend also remains overall bearish with the AMA Cross Bearish and also has a neutral position on the graph with price levels approximately in the center

I have presented 3 downside targets where it would be ideal to take profit at.

Interim 2 has the highest probability of executing ( I would recommend taking about 50% profits of your short at this point)

The main target has a strong RRR and also good profit potential. ( I would recommend taking the other half or all of your profits near this $4k point considering the law of round numbers....typical human psychology).

Your stop loss would be at the green line, which is a price of about 6600 (or slightly higher) depending on what exchange you're trading on.

Good luck and trade wisely friends!
Trade closed: target reached: Target reached perfectly
You meant to $13900?
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KennySniper JohnTanagho
@JohnTanagho, no sir. I meant potential below $3900...maybe even $3500
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