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[May 08, 2019] Position - BTC/USD

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Published: 08 May 2019 › Updated: 08 May 2019[May 08, 2019] Position - BTC/USD

[May 08, 2019] Position - BTC/USD

This post is to highlight a BTC/USD trade in progress. Price action obtained via GoMarkets.

Position

ItemDescription
PositionShort @ 4063, 5153 (GoMarkets)
StatusFilled
TimelineT2
Confidence of the trade40%
Initial Target< 5200, 41xx (110MA)

T1 - 0 - 2 Weeks | T2 - 2 weeks - 6 months | T3 - 6 months to 3 years

Technical Analysis


Price Obtained by GoMarkets

Bitcoin continuous strong price action suggests that it has more upside to go. Supported by a upsloping pennant bullish signal might see the next price upbreak push towards 6500 mark. completing 100% recovery of the wave started in 2018 November when 6000 support broke.

Unless this is a huge fakeout designed to trap bulls, bears are getting cornered and stop loss and or hedging strategies will have to be employed to get our short positions out of the water (or sinking further).

Disclaimer

While we believe in collaboration and working towards a common goal as good thing, it has in the past affected the way we trade so to keep this as consistent and drama free, we will not be replying to comments most of the time to keep this approach as streamlined as possible. You'll certainly see us making comments and upvoting other amazing posts though!

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