bibboyne
Short

BITCOIN and Why The Bulls Can't Fly! - Fibonacci in Play

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I am never good with words so instead of writing paragraphs of clarification to justify my call for SHORT since my last posting, I have explained everything on my chart with the least words possible using Fibonacci. It does not matter how popular Bitcoin has become, or how deep it has disrupted the financial sector, or how many institutional investors have come to invest in it -- the psychology behind a market cycle does not change.

I don't really encourage anyone to short Bitcoin , but in all honesty, don't expect the bulls to fly anytime soon. Like I said before, this correction that we are having right now is the "MOTHER OF ALL CORRECTIONS" after a 4-year-long bull cycle since the 2013 correction... and we are just halfway through.
Comment: I am showing you the same chart but with the Ichimoku cloud indicator applied.
The path with the least resistance right now is to the downside.
With sufficient thrust, bulls fly just fine. However, there is no thrust.
+1 Reply
bibboyne rlreecer
@rlreecer, your bull rocket needs a refuel at the lower levels and wash off weak hands before it can thrust any higher. Having said that, if you are already long, you can still hope for a slight chance of a green candle extending up to the nearest resistance prior to a continuation lower.
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Hi, thanks for your charts and sharing your ideas. Nice job. I have a similar view; see post below. Good luck trading.

Weekly chart and link to full thread and recent updates originally posted 25 April 2018:


Daily chart preferred count:


Daily chart alternate count:
+1 Reply
Been calling this for over 2 months, people just don’t want to believe price can go lower: every bounce at 6k has been met with mooners, FOMOers and amateurs. Only for us to form lower highs, it’s impossible to say how low but surely a new low needs to be formed for big buyers and institutional money to fly in, right now there’s attractivity.
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bibboyne Movali123
@Movali123, when price actions slow down, traders start to chase candles and that is why they get tunnel vision and lose sight of the big picture.
+1 Reply
You don't even have the wedge lines attached to the same wave
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you got it right here, buyins at 4300 and 2496
+1 Reply
Nice chart, and I see it the same.
+2 Reply
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