mgibson91
Short

Potential upcoming term BTC short opportunity

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
My current thoughts and trade plan on BTCUSD (Bitfinex). All feedback welcome!

A small short opportunity may be upcoming, as BTC is about to reach a level that is:
- Long term 0.236 Fibonacci extension level
- Short term 0.618 Fibonacci retracement level
- 200 MA (close)
- Previous support (now resistance?)

BTCUSD (Bitfinex) is about to reach a potential resistance level that is:
- Long term 0.236 Fibonacci extension level
- Short term 0.618 Fibonacci retracement level
- 200 MA (close)
- Previous support (now resistance?)
- Potential RSI bounce?

Entry: Around 9650

Stop: Just above 10000
- Slightly above the first pivot above the 0.618 retracement
- A big even

Target: 9100
- Just above 0.5 Fib retracement level
- Previous support
- Move stop down to just above 9500 if reached and hope for extended target

Extended target: 8540
- Just above the 0.382 Fib retracement level
- Previous support
Aug 16
Trade closed: target reached
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