<h1>Why I shorted Bitcoin today?</h1>
https://www.bitcoinbeginner.com/img/how-to-buy-bitcoin.jpg

I've seen many posts calling out a falling wedge pattern set up forming on Bitcoin as a signal to a possible bullish reversal. This is a common reversal pattern that looks great in hindsight, but how do how do you know where the bottom is to place a low risk trade?

To be frank, I have no idea where the bottom will be or which way the price will go .  What I do know is that the long term trend is DOWN. Until there is a clear signal of a sustained reversal and uptrend, shorts are favored.

![btc.png](https://steemitimages.com/DQmcx3N9bj56jaCs94HVfPob7anFJYjAKLPpZupfnhrGxxx/btc.png)

Here is a snapshot of my chart analysis for Bitcoin chart and why i think we should soon see $6,000. I executed a trade earlier today using a STOP-LIMIT order that confirmed a downward break-out. Projected Target 1 is shown.

Target 2 is part of a larger time frame target setup that will offer a 10:1 risk/reward!! 

If and when each limit order (including stop) is executed, I will re-evaluate and wait for the next set-up with a favorable risk to reward ratio.

Disclaimer: This is not financial advice and my opinion only.

![](https://steemitimages.com/DQmWkEpG3hM9Q1CNDDmNxQrk75Fu4i2eQKFG7MpYMf421Ev/image.png)