I think you already know my true story about the multiple attempts to short the market. I was right that the market was the weak and forecasted some movement to the downside, but I was not able to earn some money on this move because of invalid stop loss placement system. It was proven for long, but for shorts I need to develop something different.
Let’s take a look at the strongest bearish signal on the 1D timeframe, it was taken at $47000, but I was to greedy and placed stop loss below the local high, paid for that with 0.5% of deposit. It was nice lesson for me. What is next. We can see the potential bullish divergence with MACD, moreover the BTC is forming the downward trend channel and now the price is next to it’s lower band. As a result I anticipate the bounce to the channel’s upper band, but for me the local uptrend is finished. Two reasons: first – the bearish divergence on the 1D, second – the Bitcoin price broke down the Fibonacci golden pocket, it means that the uptrend is not valid any more. I am going to execute the short trade at the top of the channel ($46800 approximately), let’s wait.
Bitcoin – I anticipate the last chance to short!