Hi, a quick update on the developments.
It seems that BTC just doesn't want to dump. Also, the shorts also remain high, which leads me to believe that a short squeeze might occur, sudden and swift.
If BTC doesn't start dumping soon, that is. The whole bearmarket scenario is invalidated for me, if BTC starts pumping this month, and lasts until november.
Bearmarket if BTC starts dumping and takes us into the lower 5000's or upper 4000's.
BTC is at a junction now, BBand is super narrow on the weekly, it will be interesting to see which path BTC will take.
One should be positioned such, as to be able to profit from both scenarios. Good luck !
It seems that BTC just doesn't want to dump. Also, the shorts also remain high, which leads me to believe that a short squeeze might occur, sudden and swift.
If BTC doesn't start dumping soon, that is. The whole bearmarket scenario is invalidated for me, if BTC starts pumping this month, and lasts until november.
Bearmarket if BTC starts dumping and takes us into the lower 5000's or upper 4000's.
BTC is at a junction now, BBand is super narrow on the weekly, it will be interesting to see which path BTC will take.
One should be positioned such, as to be able to profit from both scenarios. Good luck !
Note
It seems that BTC is finally making up its mind. Thank god, because this thing bored me to death! It seems that the likelihood for the blue route, down to the low at 3k in 2019, has increased sharply now due to this latest dump. During the last months I was always more bearish than bullish, I switched to almost neutral during the last weeks, but now back to bearish hehe. This wave could bring us down to 4800, then bounce, then months of sideways until the final low arrives at around 3k at some point in 2019. Likelihood for this scenario now at least 75%. Good luck everyone!
Note
With this newest breakout it looks that the likelihood of the green path has increased again significantly. The spread of bitstamp of bitfinex however is weird. I am still not convinced that this is the beginning of the bullmarket. Might have been an epic short-squeeze, then continue downtrend. But I might be wrong.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.