Stoch RSI bearish crossover and with enough room to go down. RSI and MACD hidden bear divergences Strong resistance zone of the last few months holding strong.
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The strong reversal zone tested +6 times is also coupled with MA's resistances, as you can see in the image.
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BTW, stop loss above aqua trendline
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Above 2610 shorting makes no sense imo. daily MACD bullish crossover, head and shoulders completed with 2900 target, strong reversal zone destroyed, 2610 resistance broken, back above pink trendline... This could be the potential bull trap before the capitulation but too risky to short now imo, i will wait to see bulls weakness going below 2610
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The head and shoulders btw, is not completely valid. The volume pattern doesnt match at all (head should have lower volume than left shoulder and breakout should have bigger volume than both head and left shoulder) but as cryptotraders dont care about this it could be a self fulfillinf procephy, so worth mentioning imo.
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it changed quite a bit in 10 minutes. THIS IS BITCOIN!!!! LOL
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Oh, btw, someone just recalled me of this: could be this the epic bulltrap in a silver fashion?
@CoinDreamer, it certainly was. 2460 was an easy long, but i was sleeping and didnt hear the alarms. At least i stopped my short there and didnt loose "much". covered part of my loss with that 2660-2620 small short. Now i want to take a few days off and enjoy the past profits, don't know if my addiction will allow me :P haha
CoinDreamer
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So, what now? Fomo win?
etiennez0r
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Is dangerous to add more now?
bagofXMR
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@etiennez0r, In shorter term tf's it seems its a nice place to try to recover loss by adding here and closing lowe
But technichally i think it is not a good place for a mid term short. All trendlines broken, key resistance broken, 2620 resistance broken, bear divs cleared, daily macd crossed bullish...
I'm personally out, im going to take some days off, sold my trading bitcoins and will come back in a couple days to see how this settled
bagofXMR
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@bagofXMR, In stamp it is 2610 the resistance/support i mean (2620 is for gdax)
Now it is looking better for a short, if 2610 doesn't hold add to your short. I will reopen if we do (i got stopped earlier today for my main short, and already covered a small short i did from 2660 to 2620)
etiennez0r
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@bagofXMR, I was afraid of NYA or segwit doing something like this (asked in your other long/short idea about fundamentals), but it seems to me a good point to add more, it just retested the main pink uptrend line after a long run and stop, should be at least a pullback soon, if not a return to the downtrend lines (i'm not a pro, just a newbie learning from you and throwing some ideas)
bagofXMR
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@etiennez0r, you are not a newbie anymore! you've been around enough. I'm not a pro either, and haven't been around much much longer than you ;)
Tracking carefully the price, i want a short setup to get in.
etiennez0r
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@bagofXMR, hahahaha you have teached me to make trades with TA+fundamentals and that looks pro to me! Dunno why you left the fundamentals out this time :P
here i have my first public idea shared with you my fellow bears, not the best chart, but i think the idea is clear xD