Just dropping a thought on the possible moves of bitcoin,
I think profit in BTC now is mostly driven by tricking and making profit on other traders' loss.
And few fundamentals, so I ll treat the trade here like a chess game.
Last rally appeared to be strong but faded in the last three weeks to what appears to be a clear move downwards (weekly candle, some form of H&S, etc...),
However this took long time, giving normal reactive traders opportunity:
- who went long having enough time to leave with profits
- and lots tricked to enter in the short direction (as my previous idea that I ve cancelled)
Real short moves of cryptos are driven by whalers and not regular traders, and they dont really occur through slowly forming charts, they are quick instead.
So the real market makers will now squeeze profit out of us, regular people tricked that BTC is heading down, by driving the price upwards and triggering SL's.
Where would this go:
- not 10,000 it is too close and with appropriate leverage the loss can be absorbed.
- but probably the 50% retracement as drawn, around 11,300, this will be enough to squeeze profits out of traders shorting BTC now, in the same time it will make some headline that BTC made a big breakout of 10,000 round number and another round of regular traders will flock in the long direction, by then whalers will flood the market with their bitcoins and the real drop will happen (the drop related to ETF decision delay).
I think profit in BTC now is mostly driven by tricking and making profit on other traders' loss.
And few fundamentals, so I ll treat the trade here like a chess game.
Last rally appeared to be strong but faded in the last three weeks to what appears to be a clear move downwards (weekly candle, some form of H&S, etc...),
However this took long time, giving normal reactive traders opportunity:
- who went long having enough time to leave with profits
- and lots tricked to enter in the short direction (as my previous idea that I ve cancelled)
Real short moves of cryptos are driven by whalers and not regular traders, and they dont really occur through slowly forming charts, they are quick instead.
So the real market makers will now squeeze profit out of us, regular people tricked that BTC is heading down, by driving the price upwards and triggering SL's.
Where would this go:
- not 10,000 it is too close and with appropriate leverage the loss can be absorbed.
- but probably the 50% retracement as drawn, around 11,300, this will be enough to squeeze profits out of traders shorting BTC now, in the same time it will make some headline that BTC made a big breakout of 10,000 round number and another round of regular traders will flock in the long direction, by then whalers will flood the market with their bitcoins and the real drop will happen (the drop related to ETF decision delay).
Trade active:
Am closing the trade at this level (38% retracement) and will reenter at area of 8400.
price 9300, 16.3% gain
price 9300, 16.3% gain
Comment:
Reversing direction at 11330
Order cancelled:
Exiting at second entry 13300
Neutral
I believe a big H&S will form, where this retracement is the first shoulder (?? Unsure) for price to retrace back to 5000
Will revisit this later
Neutral
I believe a big H&S will form, where this retracement is the first shoulder (?? Unsure) for price to retrace back to 5000
Will revisit this later
Trade active:
correction, exited at 11300 on jun 27th,
reentering at 11512
reentering at 11512
Trade closed manually:
Exiting again at 11,360,
Closing this trade for final
Closing this trade for final
Reentering trade at 9400