Tendorian
Short

12th April Bitcoin - Fake upmove, Short to the bottom!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
What this move was getting rid of the weak shorts in the market. They were forced to liquidate their positions, especially on Bitmex where alot of people probably lost their accounts. But this upmove has probably ended and I am shorting this market. Now we can finally end this bear market.

I am not asking anyone to short with me, that is up to you.

Price 7700
SL 8100
TP Way way below 6500
Comment:

The 4H has hit the 200 EMA and failed, definitely going down.
Comment:

Price failed twice at the 8000 resistance, the bears should come in soon to push this down.

SL still at 8100.
Comment:

Stop taken out, i will reevaluate this move first.
Comment:

I still believe that we have not bottomed for Bitcoin. But this upmove may keep going for some time. So let's just play with it. I would be looking to buy in the 7700-7900 area. Will post if I am around when it happens.
Comment:

I am sorry i just cannot bring myself to buy when so many indicators are showing big divergences. So more shorting.

Open 8110
SL 8300
Target first 7500
Comment:

Definitely Down
Comment:

Downmove has started, keep looking at 7500 for first bounce.

I will not be able to post chart updates for the next 36h, but I can post comments for updates.
Comment:

SL taken out, we are going up. Trend has turned for now and has just finished the first correction.
Ok, I am with you on this one too.... too much too fast.... but it's getting out of the big downtrend channel, jumped out of the wedge.... so do you think this is a little correction (7800-7500) before another bull ride or the big correction you were waiting for (6500-6000)?
Reply
Tendorian alansoft
@alansoft, We definitely need to watch around 7500, we do not want to see a bounce there.
Reply
alansoft Tendorian
@Tendorian, gotta keep an eye pretty close there.... because it might be just like 2 days ago..... indecision before another big move. Don't forget lots of people think it's getting back up and a little correction can be an opportunity to get in, pushing price back up again.... just an idea....
Reply
Tendorian alansoft
@alansoft, Yes there is a possibility that this may bounce just under 8000 because people trying to get in, but it should look like sideways movement
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Holy cow what a day! And what a fake rally! $1000 in one hour??? But it may get some support now..... people are getting their hopes back. Either it's going to rally a little longer or it's the biggest crypto bull trap this year! I am frozen :P
Reply
Tendorian alansoft
@alansoft, Having such moves in a bear market is normal, giving bulls hope and make them bleed slowly until they give up.
Reply
alansoft Tendorian
@Tendorian, is there a good strategy to play both sides when in doubt like a couple of days ago? that could have worked out.....
Reply
Tendorian alansoft
@alansoft, Yes technically I would have made a long trade when the dump failed, but sadly I was in gym class and totally missed it.
Reply
KLKL Tendorian
@Tendorian, haha well said! That's how the whales play with the mooners!
Reply
@KLKL, Yes just play with along with the whales, no point going againts them.
Reply
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