Previously, we made a bold attempt to short BTC with a tight stop of 3%. It was unsuccessful:
Bitcoin futures debut at CBOE was grand. CBOE's website went down just at the launch, and the exchange had to halt trading twice to 'inhibit' the bulls. Currently the futures (XBT) are trading at 17 680 (+14.35%) - higher than Bitstamp and Coinbase prices. This contango is typical, but the price spread is shrinking by the hour.
Forecating Back to the spot market, there seems to be little doubt that price will mark another all-time high soon. The question is: how much higher? The nearest target on the chart is 16 880 - 16 935, the next is 17 730, and, finally 18 075. Use the pitchfork as price channel.
Random thoughts Bitcoin market seems to reflect the global shift of financial power from the Euro-Atlantic region to the Asia-Pacific. More strong price moves occur during the Asian session while we are sleeping and don't make charts.
Komen
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Bouncing off pitchfork's red line for 3.3%. This is how you make use of price channel's in trading. And pitchfork's are best price channels in technical analysis.