Bitcoin Trade Idea and Funny Mood

• Position of this trade idea is already very profitable as BTCUSD is already 4% down from our entry. See what is next, including Bitcoin price forecast, technical analysis charts and what a profitable trader would do at this stage.

• Previous update: See the Bitcoin price action at the bottom of this page, after our trade is already apx 2% in the money, from the entry.
• Bitcoin has risen lately but seems to have past the oversold zone at the 4 hour candle timeframe
• The 2.5 to 1 reward vs risk here, along with the fact that Bitcoin may be exhausted at the top of the range, makes a short position consideration legit
• Entry Price for the Bitcoin short position: $21299
• Stop Loss: $22004 (risk 3.31%)
• Take Profit: $19533 (target a gain of 8.29%)
• Reward vs Risk for this Bitcoin short position: 2.5 to 1

Bitcoin Technical Analysis and Trade Idea Video:

Update on the Bitcoin price action since entering short at $21300:

• Position is apx 2% profitable

• Note the prior high volume of buyers. but they are trapped. There was not good EFFECT to this CAUSE (one of Wyckoff's principles). Buyers did not get a continuation in price or volume. Buyers are disappointed. This supports more down rather than a sudden bullish reveral.

• After a big drop in the bitcoin price, the BTCUSD price action and pattern is looking more like a bear flag.

• If so, Bitcoin will tend to be magneted to the bottom band of the bear channel as shown in the chart below.

Always trade Bitcoin at your own risk only.

Visit ForexLive.com for original technical analysis and interesting trade ideas to consider.

We hope we didn't ruin any Bitcoin HODLer's mood.

Mood #bitcoin pic.twitter.com/SBfvqtbCQD