triton
Short

Continuation of the Bearish momentum

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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.
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