Short Bitcoin at 480, Stop 495

Symbol
Short BTC
Last
-
Entry
480
Size
100%
Exit
496
P/L
3.3%

  *check out the bitcoin trading guide and reference for what they mean

Entry Update: 

Market is at the upper range of the consolidation, bounce look weak. While bitcoin can continue to go up, a correction to this intermediate down trend. I think the risk/reward here is pretty good. My stop is just above the high of the consolidation area above resistance. If we do go above this price, I am wrong and I am getting out. If we breakdown, we will retest 450 again. Risk/reward is about 2:1 with this trade.


Exit Update: 

Stopped out overnight

Exit Date: 
8-20-2014