BTCUSD BITCOIN SHORTING IDEA

A SERIES OF LOWER HIGHS AND LOWER LOWS SINCE MID MARCH, FOLLOWING A DESCENDING TREND LINE. AN ACCEPTABLE TRADE WOULD BE TO WAIT FOR PRICE ACTION TO BOUNCE ONCE MORE FROM THE DESCENDING TREND LINE OR TO BREAK AND CLOSE THE OTHER SIDE OF SUPPORT AT AROUND 211.30. TARGET WOULD BE THE LOWS OF JANUARY AT 168.87. STOPS WOULD BE THE OTHER SIDE OF THE SUPPORT TURNED RESISTANCE OR THE DESCENDING TREND LINE.

OF COURSE A BOUNCE OR REVERSAL IS POSSIBLE AT THE SUPPORT NEGATING THE SHORT TRADE.

THIS IS MY FIRST LOOK AT BITCOIN SO PLEASE EXCUSE THE FACT I COULD BE ABSOLUTELY WRONG!