SmartCryptoAssociation
Short

BTCUSD - Is this the weakness we were looking for?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
From the last posts, we concluded the pattern is looking more bearish than bullish . We shorted many tops as the price bounced up every time, took profits on the bottom support of the channel, and was looking for a rise in price to find weakness. When price moved up to 9.3K, the decreasing volume suggested the rise price is going to switch. We took a SHORT position $9.3K and are already in profits. However, the low RSI value near the bottom range is a bit suspect. Our current strategy is to stay in our SHORT position until there is a candle close with a significantly higher bullish volume .

Happy trading :)

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