Bitcoin $ 6000 >> Easy answer to fill Your curiosity.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello traders!
Confused and dazed, aren't You? Well, I think not everyone.
Stop loss above pitchfork saved my life (Look at previous idea for latest trade management, pitchfork explanation and my calls history also) signalling trend reversal. Traders while considering using my idea to practice my accuracy should read very carefully every step to outperform the market with proper strategy. There is 1D chart of Bitcoin traded on Bitfinex. I use this one because We see the strongest moves in this space. I also noticed great short closure that made this recent spike. So there could be 2 things pushing the price up:

1. Pitchfork breakout. This is quite strong signal, but pitchforks are sometimes broke with fakeouts, especially when at sharp angle.
2. Bitfinex closing short. However it is just part of closed short. Only Bitfinex did that large volume spike, hauling other exchanges at lucrative level. Closing whole short would occur in true breakout reversal from red resistance line and SMA 50.

Alright. So why short?

1. No true power, red bar dominating local group. Just harvest after tax reckoning selloff. Market Gods received massive bunch of coins, but interest still tends to fall.
2. Pump aka'short squeeze.
3. Triangle resistance calling.
4. Neckline of double top retesting (explained at 4 hr chart). This line is also big short line, where strong traders still could have opened positions. This line was occupied with hard battle since bubble burst. First testing resulted with volatile crossover, second one painted just double top showing weakness at this level. This time We are getting closer to this line within bearish wedge channel.
5. $ 6000 floor as the only reliable horizontal resistance. Round number - key level. There You have yellow puzzle to solve.
6. RSI haven't been oversold yet. In my previous idea I stated that It is likely to go under 30.
7. Great volatility in Big Pattern( Triangle pattern ). This comes from my own experience, where this kind of situations ended with High Hopes, pinfkloyd tells Ya.

This leds us to very important question: Is this risky? And where to stop in case of bullish momentum continuation?
The answer is: This is very unpredictable phase, where everything could happen. Whole my theory could be just nuked with sharp green candle marking further fishing. To confirm this, price should close above triangle resistance line and SMA 50. This would be a perfect place for stoploss.
I share this to You because I see great top catching possibility, nothing more. My target is to acquire Your view on my strategy to develop and improve my teaching skills. Even If trade is stopped, We will look for another short entry point until true bull will mark its spot. Remember that breaking through main resistance should be confirmed with decent volume .

4hr chart promised
Comment: Clear breakout on 4 hr chart
So reality will be oppostie, when interest keeps falling single bailout is just milestone on the long way down.
Comment: Is the real H&S forming already?
4hr chart
Comment: Of course, in cryptospace H&S sometimes works, sometimes not. Why then inverted H&S shown below won't work? Because of low additive volume at head!
Comment: Closer and closer to the edge of the triangle pattern. The show appears in green channel shown below on 4hr time frame chart. If Market Gods are fed enough after breakout fractal They will continue targeting next checkpoint which is support of triangle formation(green bottom line).
Comment: Inverted H&S completed without volume confirmation. Bear is still present until red line is broken.
Comment: More fishing? 1hr chart with cypher pattern.
Comment: Bat pattern adjusted a little bit. Shall We rely on this formation? Well, nothing left. further drilling through resistances could engage snowball effect and put our shorts in real danger. That's why stop loss should be absolutely close to the Bitfinex Big Short Line ($ 8400).
1 hr chart.
Comment: Tax day filled, bulls so optimistic, but small candles?
Don't You smell cunning knife, people?
Trade closed: stop reached
I´m not going long yet.
+1 Reply
pinfkloyd babyjungle
@babyjungle, retest is highly possible!
I don't like stop loss... too many people trying to pop them! I've lost good $ that should have turned a profit due to one market sale spike... some of the candle wicks are huge right around critical profit points. Just make sure you have the margin to bear :x through it!
+2 Reply
pinfkloyd arthax0r
@arthax0r, Who could predict suckers rally without volume? I just sit and watch them buying.
+1 Reply
arthax0r pinfkloyd
@pinfkloyd, I'm certainly now expert.. but I do know how to spot a pump & dump :)
Maybe 8290 top of right shoulder??
pinfkloyd GustavoBrucestavo
@GustavoBrucestavo, Well, could be. Now I would not look at it through strong patterns. It is time when retail traders are being collected in the basket. So I analyze this price action through weaknesses for my personal advantage.
+1 Reply
Bingo. You're on point with my analysis but in a different way. Your resistance triangle formation lines up with a Gann fan from the pinnacle. Pretty close anyway.
+1 Reply
pinfkloyd arthax0r
@arthax0r, Good point,thanks!
+1 Reply
which green bottom line lol the one at 6.6 or the one at 7.8?
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