Trading Ideas #170702 - BTC/USD Short Zone Continued 2

Back again with another look at the BTC/USD short position that we've been building for a white.

This weekend trading thing is hard to get my head wrapped around, but the punting addict in me LOVES it!

So, where were we?

Again this is an hourly BTC/USD chart with just the same short term previous support zone that we're looking to turn into resistance so we can short:

Here's tonight's updated hourly chart:

That's looks like pretty obvious previous support turned resistance to me!

So let's go back to what we were looking for in our last BTC/USD analysis blog:

If this level does in fact hold and price starts to pick up momentum lower, I'm going to look to zoom in again down to the 15 minute chart and add into my shorts on any further short term pullbacks.

Let's take a look at that 15 minute chart:

We've got some momentum behind the bearish run now and as you can see on the above chart, I've marked some pretty obvious short term pullbacks that have allowed us to add into our first short that we took off the hourly.

For me, it's this ability to add into your winning positions that is key to a trader's profitability long term. This method of trading allows you to establish an overall position and then add into it and build a bigger position once it goes your way.

The question now becomes, how far can we keep pushing these shorts now price has pulled back again.

Very nice trade anyway.

Peace.