Bitcoin Short Trade in Progress

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
  bearish channel within which the current short trade is progressing. Important things to note are 1. Price knows where these channel lines are. See how it reacts to them. 2. Every time price takes out a channel line, it pulls back, regrouping so it can take out the next channel line down the channel. 3. Never sell towards any of these channel lines. Price will retrace when it takes out that channel line. You should only sell when price has retraced and found resistance to one of the channel lines that have been taken out. 4. The current short trend should terminate when price takes out the bottom channel line or the one immediately above it. Hope this little helps.
Comment: This channel is still holding its ground in controlling what price should do. If it continues to hold, the green line below the golden brown line which was the last target they took is the next target and the current down trend might well be after this target given the deep retracement we had that was only halted by the upper channel boundary. Note that once a target has been taken out, it no longer serves as a line of support or resistance. Price will cruise over it... easy. and this might well happen as the bears have the green line in target. Note also that within the upper and lower channel where you have channel lines clustered together, these are usually taken out in one go. This means the channel line that is more likely to stop the bears is the blue line above the lower channel line. Hope this little helps.
Comment: Price has continued to behave as it should within our channel. Now that we have hit the blue line above the bottom channel line, two things are more likely to happen. If they decide to keep this channel in place, we can expect a deep retracement back up to the top blue line. 80% of price action happens between these two blue lines. That way they can keep the channel intact. They can also decide to close outside the channel... below the black channel line. If this happens, then the channel would have been invalided. Then they have to start forming another channel. For now, I am out of the trade and wait to see what happens next.


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