Current trend support is now broken, it should act now as resistance. Major time frames indicators are bearish or turning bearish, while US Marshalls dumping another 50,000 bitcoins will help to start slowly spreading panic.
US Marshalls seem to always pick the best timing for selling their bitcoins, according to their limited medium time frame. This is the second time they sell after a breakout, plus extended and emotional rally, plus when hitting the resistance of the current one year downtrend channel.
Bitcoin price action is not looking healthy after this fast pump and dump from $315 to $475 and now $365. It should scare a lot of investors as big picture is not helping at all.
Plus Bitfinex is currently with lot of longs opened, $24 Millions, but only 4,000 BTC shorts. So, there is room enough to keep going down.
Shorting from $380 offers a 3:1 Risk/Reward Ratio if setting stop at ~$390 (if current downwards dotted red resistance from $475 is broken) and take profit at $350-$340 (above green support).
Price still could bounce up to $400, if that happens that would be and even better opportunity to short at that point.
As usual I'm just referring to entry and exit levels, not any fixed round number. It will depend on price action.
Do your own research before trading.
Good luck!
US Marshalls seem to always pick the best timing for selling their bitcoins, according to their limited medium time frame. This is the second time they sell after a breakout, plus extended and emotional rally, plus when hitting the resistance of the current one year downtrend channel.
Bitcoin price action is not looking healthy after this fast pump and dump from $315 to $475 and now $365. It should scare a lot of investors as big picture is not helping at all.
Plus Bitfinex is currently with lot of longs opened, $24 Millions, but only 4,000 BTC shorts. So, there is room enough to keep going down.
Shorting from $380 offers a 3:1 Risk/Reward Ratio if setting stop at ~$390 (if current downwards dotted red resistance from $475 is broken) and take profit at $350-$340 (above green support).
Price still could bounce up to $400, if that happens that would be and even better opportunity to short at that point.
As usual I'm just referring to entry and exit levels, not any fixed round number. It will depend on price action.
Do your own research before trading.
Good luck!