Bitcoin - Bearish divergence *needs to confidently breakout*
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Edit 2 : stopped out of the position. Bullish order blocks still valid. However, continued uptrend is likely limited without a retrace.
Edit: 7/11/15 - The drawn position was technically stopped out and the position was threatened to $299, 2 dollars above my stop. I am choosing hold the position through this bit of heat and will not buy back the short until there is a confident breakout above $300.
This position is predicated on negative momentum divergence within the 4 hour and daily timeframe and the entrance is positioned on a so far failure to make new highs and challenge resistance.
The target is based upon the weekly range and prior support.
Good Trading.
Edit 2 : stopped out of the position. Bullish order blocks still valid. However, continued uptrend is likely limited without a retrace.
Edit: 7/11/15 - The drawn position was technically stopped out and the position was threatened to $299, 2 dollars above my stop. I am choosing hold the position through this bit of heat and will not buy back the short until there is a confident breakout above $300.
This position is predicated on negative momentum divergence within the 4 hour and daily timeframe and the entrance is positioned on a so far failure to make new highs and challenge resistance.
The target is based upon the weekly range and prior support.
Good Trading.