Bitcoin bull trap and then down

8 Feb 2018

If it gets there. Bearish divergence forming on the higher timeframes, may see a bull trap before further downside. Will update with targets

8 Feb 2018

Nota

Instructions -

Open short between 8900-9000
At 8390 move stoploss to breakeven
Target 1 - 7960, take 10% profits
Target 2 - 7600, take 40% profits
Target 3 - 6740, take 40% profits
Target 4 - 6058 - take 10% profits

Will update as the trade goes along

8 Feb 2018

Nota

Overall trade RR is 3.49, with a profit of 25.3% and risk of 7.24%.

9 Feb 2018

Nota

Do not worry about having missed an entry, I believe that this is a bear trap and this hidden bull divergence should take us higher

9 Feb 2018

Nota

Was indeed a bear trap, nearly at the target zone

13 Feb 2018

Nota

So bitcoin is currently at an interesting price level. You should still be in profit if you took this trade. It looks like bitcoin is trying to close above the EMA12 on the daily, and this would be a bullish signal if it does. Selling pressure seems to be waning and a potential ascending triangle seems to be forming at the double top. If bitcoin closes the day (13/02/18) above the EMA12 (8735) I would take your profits and wait for a reentry point as this could trigger a bullish run. If bitcoin closes the day below 8735 I would keep this trade open. I will update this trade at the end of the day advising you what to do

13 Feb 2018

Nota