Fontas
Short

Final run of the bulls in secondary euphoria: Bear Starts Here

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
1911 10 9
Unfortunately markets show 6% futures premium and extreme bullish sentiment. Rally ends on a euphoric spike as we approach previous highs. Very similar to the $1000 price point during the $1200 bubble.

Dump fractals suggest 2200 bottom with 1900 capitulation. As such I suggest target should be 2292.

Of course, stop loss should this idea be proven false. At 3022. But I'm rarely wrong. I'm a genius after all.
Trade closed: stop reached: Stopped
Comment: Price ended up following the pattern and I did end up shorting this. Took some losses from the too-tight stop though.
Very interesting one! But if the okc volumizer turns ON again, that will be invalidated! =)
Reply
Premiums can be higher now that we are in a bull market. Premiums reached a cap in 2015 previously based on bearish sentiment. I think we've formed a cup and part of a handle, we should see a new 2015 high within two weeks, ~4000CNY.
+2 Reply
IvanLabrie PRO IAmSatoshi
If C&H the handle must take a bit more time to form I think.
+1 Reply
BitcoinGuru IAmSatoshi
maybe or we double topped and were in denial now, once the euphoria dies away, we will drop back down
Reply
IvanLabrie PRO BitcoinGuru
Fontas said down...hehe.
Reply
lel. see u shortsqueezed to 1k$
Reply
rightt.. cause that's gonna happen over night and he's gonna hold a short the whole way there?
lmao sweet comment.
+1 Reply
azz01 Aerot
he did get stopped out allright? ;) :P
Reply
snapshot


Although I do think you are a genius I disagree and think we will see a wave 5 coming to 600 range - 3 day still has room to grow 12 hr just crossing from oversold
futures premiums will be higher as Satoshi mentioned during bull trend
Reply
This chart is invalidated
Reply