Bitcoin, another crash in/cash in

Today Bitcoin crashed right to our target of our good till canceled short trade that was triggered on Wednesday. 

On Wednesday the good till canceled short trade hit our limit entry price of $56,800. We came extremely close to getting stopped out for a loss that same day when Bitcoin recovered to $58,518 Just $32 below our protective stop at $58,550. On Thursday, Bitcoin moved back towards our entry price closing on the day with the trade just slightly in profits.

Today, Bitcoin made a low of $52,546 before recovering slightly currently (5:42 ET) at $53,525. This ended our trade when it reached our take profit target of $53,250 earning us a profit of $3,550 per Bitcoin. Using technical analysis, we were able to predict and profit capturing the majority of Bitcoin’s moves this week and last.

Collectively These two weeks brought Bitcoin over 17% lower. We must acknowledge that Bitcoin could reach as low as $48,000 before hitting the bottom of its current trend channel. We will wait to see if we get a small recovery rally to the upside over the next few days before entering another short position.