Bitcoin fell back and made a double bottom around 3500ish. This double bottom provides a perfect target price for a short. I will be looking to open shorts in the red box indicated on the chart. The pattern I will be playing is a Head and shoulders indicated by the red arrows pointing down. Price will also re-test the longer term downtrendline since the top (yellow). It will also hit bigger volume profile 3875+. Short will be covered if the yellow downtrend line manages to break upwards with force and volume. Target based on the pattern and the chart structure is 3000. This short sets up for a perfect risk reward.
Trade closed manually:
Trade closed and reversed into a long on the downtrendline break.