cointrader11
Short

Bitcoin - "This time is different"

BITSTAMP:BTCUSD   Bitcoin / Dollar
274 2 4
Here is the overview of Bitcoin . While some say channels and lines on a chart don't matter - I disagree. I like to look at channels on longer time frames and mix it with horizontal order blocks to analyze it from both views.

BULLISH CASE: I've come to the conclusion that the only way we break up out of this channel and enter "bubble" territory again, is if history repeats itself in the blue box. Personally, I don't believe this is going to happen. There are also several key resistance areas to break so it's going to be pretty difficult.

BEARISH CASE: Back to test each of the green support lines one at a time. Any of them could hold, but in my opinion, if we don't break up like the blue box shows, I don't think it's going to slowly find support and curve up into a cup and handle. It has to be fast and rapid if it's going to break up.

Currently I'm short from $334 on Finex. As always, I'm on the bear-side. However, I would happily buy back at that same price if it's going to break up from this channel again. For now, I hold fiat and wait at least 2 weeks to see how this resolves.

Disclaimer: these are my own ideas, nobody influenced me, I don't care if you disagree. I trade by my own ideas and will always trust myself over everyone else.
omnik
a year ago
rekt
Reply
cointrader11 omnik
a year ago
Uh.... I didn't get rekt. Bought back $2 over where I sold. This chart is outlining bullish potential, and Bitcoin is breaking out. So how is this rekt again?
Reply
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