Current Situation: Today we had a small drop to $7450 after weekly close. At the moment it looks like all coins have formed a running flat and have broken the trend line of the last impulse.
Prediction of others: Many people on Tradingview continue to be very bullish, but yesterday and today came more short term bearish ideas. This statement is supported by the fact that the shorts have risen very strongly since yesterday. The longs have remained the same with a few variations.
Shorts: Longs:
My last prediction: My last idea was bearish with an arrow down to $6,600, since almost everyone was still bullish. Since then we have actually dropped $300-200. Sweet short term profits to go.
My current prediction: I never try to follow the crowd. I use that as an indicator and combine it with my strategy which has made me very successful in the last few days. As everyone has become a bit bearish again, I expect a move up to about $7,900/7,800. Especially because the shorts have risen very much as you could see above. Also, it looks like we formed a running flat. In most cases (if the pattern is true) that means we'll at least break through the upper $7,780 range. This scenario would also fit well with the longs and shorts. If the shorts continue to rise, the price will tend to go even higher.
Final word: Should you enter this trade, then watch out very well. I'm not so sure right now. It could be that I change my mind at any time. Normally, I assumed we would go up to $9,500 as it would have worked very well with the pattern. However, since everyone is posting a bullish chart on Tradingview lately, I'm looking for other scenarios. For now you should be very careful with your own positions. Time will tell us how people will react should we rise or fall. At the end I wanted to thank you for your support. Even if I do not answer all the comments I read them and almost always give one like.
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Short update: I'm pretty sure I'll have to do an update today. Wait for a bull flag before buying. Should we make a corrective pattern then we will go even lower. For now I am going to sleep. Night.
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Short update: I think I was a bit too hasty with the post. Looks very bearish at the moment and it should go down. So it could be that we are on the support line of the "triangle" (which isn't one) tomorrow, June 6th. That should make everyone bullish. The only problem is that i still could not identify what pattern Bitcoin does. Will be more careful with my posts next time. However, should we drop back to $7,000 then we will definitely see $6,600-6,300.
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Short update: Finally we did a move. It currently looks like an upmove for me that should break $7,750. Should we break $7,800 then the next target is $8,200/8,800. So my assessment in the last update was wrong. But to be honest, something else would not make sense if I trade according to my strategy. That was actually the reason why I had published this idea. But sometimes it's hard to stay rational. Nevertheless, move you stops.
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Short update: I am very bullish now. I see Bitcoin going to over $10,000 this months before crashing. Tomorrow I will give you a huge opportunity for Verge. Be aware.
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Short update: One last update before sleeping. Even if I am bullish for this month, SET(!) your stop loss. A downmove is still possible. But after that, I'm sure we'll go up to around $10,000.
I like being a contrarian as well, but I think you can start to double negative yourselves too much. You have to look at the broad trends. Lots of people are looking for the upswing, to see it take off again, and that probably isn't going to happen yet. I think another month or possibly two, before we get into a good spot to go long. There is an enormous amount of money waiting to pour in, but not yet at these prices. It must come way back down to the $2500-3k level.
UnknownUnicorn1786844
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@Hskr8, sorry but that is just plain delusional. the only people who are waiting for 2500 -3k are noobs. because that will never happen
WilliamFiltzpatrick
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@kimlongun, You forgot to mention why not... :)
E557
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@Hskr8, at a final crash the market will stay over months in oversold zones.
CryptoSwindle
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Every time he posts going long, posting über bullish posts, it's going to crash shortly after. Now that almost 100% are bullish I will place my shorts at 7.75-7.935 and market dump my spots. Indeed I've been doing this since January shorting, doing the opposite of the herd. You gonna see crash soon before the end of the month, bagholders ftw.
E557
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@cryptogast33, you are welcome to do the opposite of me.
CryptoSwindle
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@e55, Well, to be fair, we were both short at times where the herd were long, but now almost everybody at tv is bullish and entire chat as well, it's not the right time to long. There were fishy things going on this afternoon were they took 25MM sell wall liquidity at bitmex right after finex went live again after 2 outages, it's not a natural pump and it lost strength on the second pump. Last wick was huge, price barely moved, so many bagholders are filled buying the retrace, but they will be surprised imho since everyone now talking about the 6th June as well as bullish moonrun, so it won't happen. It's more like 6-6 6am that it will do otherwise ;-) Good luck mate.
E557
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@cryptogast33, I can understand your view very well but the facts say otherwise. Although the price of Bitcoin is rising, the shorts are rising and the longs are dropping. In other words, people are statistically bearish the last few days. Also you have to keep in mind that people expect a trend reversal on the 6th. We have risen so far and would actually drop from tomorrow. Also you forget the fact that smart whales will try to sell their bags just before the crash. To do that they have to make the crowd bullish. How do you make people bullish? By breaking $10,000, since then everyone expects a bull market. People will fomo in and whales will start selling. In addition, my technical analysis also sees an upmove before the crash.
CryptoSwindle
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@e55, Facts can be fabricated mate, you know that. They make bullish charts and then they do the opposite, that's why most here on tv have constantly bad calls and are in constant loss in this bear market. Since the market is unregulated, the mm can do what they want and they have most supply (see richlist top 10 who is in there to confirm). Even when it's regulated, I doubt this will chance, see forex non-ecn brokers, they are the mm and play against their clients, even when fined and prosecuted, they continue until forced to shutdown.
That dip I was talking about was a 600 long closing and flipping to a short (also 600 pcs). You might be right that he sold in his own buy wall using spot to then close his shorts to manipulate the prices upward (which would be washtrading and records are kept on exchange which one day we will know who does all this washtrading and spoofing).
I know quite some whales, they have all sold around 9.6 where I also sold and sit in cash and most of them even cashed out, anticipating what we do. Maybe there are just some small wannabe pretending whales active, that is possible and most likely on finex and mex, although I know quite a handful of people having left finex.
Yes, I have also anticipated upmove for quite some time, but not high target to 10k from this low at 7.050k. It will be max 7.935k and most likely 7.75k in my view, before going down breaking the 7k and triangle, where people will short the breakdown before making impulsive move up (so I agree with that beartrap like you've said) to break 10k to tease (bulltrap; but here I doubt they will let the longs at 9.7-10k close breakeven), then crash down (because of the potential long exit). I agree with you there as well that this scenario is a good possibility. Then going down breaking the 6k where the real money is to be made by liquidating the longs and stops of many people. That will be one nice ride and experience as it was to 6k on 6 Feb ;-)
E557
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@cryptogast33, Hm .. I think you're right there. I had this idea much earlier and just hid it. It would continue to fit very well with the altcoins. However, I see at least one big upmove coming before the final crash occurs. But before that, a bear trap is very likely to be combined with a bull trap afterwards. Especially because many have moved the support line so that it looks like we bounced within a triangle.