MatTheCat
Short

BTC Short (STILL NOT OVEN READY....don't just jump in)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Still looking for bearish resolution of consolidation pattern.

1st Stop target is test of lows, thereafter adopt trailing stop strategy. There is no technical reason to believe the higher time frame Bitcoin Bear Trend is done, so DOWN has to be the bias on the lower time frames, but I would balk at holding any short position too far past a breach of the local bottom, beyond trailing stops using MA techniques, etc...

Trade is not yet oven ready, but if price can get down into $5800 area, and hold there for a couple of candles, then hunt lower time frame charts (i.e. 30 minutes or less), for 'continuation' structure.

Green lines on the chart, shows the ideal sort of price and RSI action I would like to see for this type of trade (but more often than not, I don't get such ideal signals)......if there is yet more Corona Virus market panic on Monday, then Bitcoin could just tank alongside it (especially if there is any substance to the rumours of suspending trading on NYSE, etc)
Comment: I would now be happy to take this trade, trailing price with a 61.8% swing retrace buy-in....


Or watch for further development of market structure.
Trade active:
Trade closed: stop reached: This trade idea took a hit from the Fed Announcement.

Bias still has to be short, but now following 'Plan A' setup..outlined in green....

Comments

1st stab at this has failed.

Revise Target to scratch and exit trade at break even.......or take the hit off the Stop Loss order.

Reply
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