BTC USD BITFINEX 4 HOUR !!!
Strong high bounce just after the 4 hour buy zone (swinging just below and closing above) reminded us to always leave some room with stop losses just in case we swing a bit lower, perfect example here to check orders books and look for big buy walls placing just underneath in this case 8190. If it falls through and stops you and still bounces and continues up its just unlucky, i do not suggest keep adjusting stops as when will it end ? you could just keep adjusting hoping for a bounce soon and that would HOPING!!
Strong candle suggests some follow through i don’t expect it to fail at the first orange 1 hour sell zone but you never know!
We are looking for trades
Perfect short trades will be BTC reaching a horizontal zone like 8900 9000 and also touching the diagonal down (that circle)
Stop loss just above the 9000
Target will be depending on the pull back ( how fast we are pulling back ? ? lack of buying ? If the bulls look weak on the pull back again falling through 8200 wouldn’t be a surprise
Obviously the perfect trade set up is rare i will update with smaller time frame 1hr,15 min chart setups for short positions, as i am typing this we look to be falling from the first 1 hour zone (orange)