botje11
Long

Bitcoin in full throttle, up towards the 12K

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
There is just no stopping it, making identical bullish patterns all the way from the breakout at 8400
Comment: Now we should see this (pink) part
Comment: Now we are at the orange part :)
Comment: Okay, so a slightly different picture now :), It should stay above the green area for the extreem bullish sentiment to continue
Comment: This would be the first H&S if the green area (11.000) breaks. Would be idealy so it could drop towards the 10700/10800. That would give a very good entry point to go long. I will probably jump there
Comment: first ones in at 10780
Comment:
Comment: I have added at 10850, stop is around 10650
Comment: I am out at 10890, small profit something i just dont like
Comment: We could be seeing it drop some more. I am staying flat for now

Comment: Wow what a timing :), normally i would have shorted this, but it has just showed to much strength lately, Bitfinex is 200 points lower than the others. It was falling behind the whole way up, but only 50 to 100 points. I have a theory about this, i have talked about this earlier, has to do with the (Bitcoin)whales/stakeholders.

We should be seeing at least 10.500, but could be much lower, it has weakened allot the last few hours

Comment:
This is looking really bad now, i understand people who were long from the 8K and lower maybe, are taking profits now, but this is just dumping. I am getting the same feeling i had at the 13K i called a month ago. Starting to show some similar things now
Comment: It made a really good bounce of the breakout level of the bigger flag pattern around 10100/10200. It has made a small H&S with a target at 10550 now a bigger one with a target around that red area. To reach it, it has to stay above that steep rising trendline. If it drops below it, would be a good stop for long positions.
Comment:
Comment: I posted the previous one with my mobile :) I went short at 10750. It fell out of the wedge, but it is trying to get back in again, it should drop soon, otherwise it will be a false move. Stop around 11000



Comment: For the coming days, it think somethin(ish) like this would be best for Bitcoin. A drop towards the 10.000 again, to double check the support there, and even a drop towards 9000 would be nothing wrong with for the short term bull trend. If you zoom out you can see that this move up was to much and needs a correction. only a break of 8500/8000 would change the bullish picture completely


Comment: It could go in a direct line towards that blue are, thats the target for this rising wedge. It could bounce from that level. I do think, as Bitcoin is weakening, it will drop some more the coming few days
Comment: A likely scenario for now, making a wedge to make a spike upwards
Comment:
Comment: This move up should have been much faster and harder, think it will make one last drop. I did not go long, probably will around the 10200/10250, if it gets there
Comment: I missed my long entry for a small recovery, i think it will make this move now, the blue line. After it does that, i think it will make another big drop
Comment: i am short now
Comment: This looks like some sort of an H&S, at least the support lines has a meaning. But i dont really like it, because the left shoulder is/was a bullish flag. Anyway, not something to ignore
Comment: Posted a new chart
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think its making a bearish flag now.. ?? @botje11
Reply
botje11 Aamir66
@Aamir66, Yes, I think so too. Should stay below the 11.000. Its more a rising wedge, so a retest of the low at 10.100 it possible and healthy for this uptrend. Would be best
Reply
Aamir66 botje11
@botje11, i set a limit sell at 10.8 thinking its a flag but it never went through.. so pissed. You think its doing a double bottom? I think it could go further to 9.9k which also would be healthy - but risky in case it breaks the uptrend line.
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Aamir66 Aamir66
@Aamir66, actually 9.9 would be too low. u'r right.. shouldn't be lower than 10.1
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botje11 Aamir66
@Aamir66, I think so to, actually even 9500 or hopefully even around the 9000. Depends if we see a real bounce off the 10.100/10.200. This drop has been without a making a real flag, so that shows how weak the market is at the moment. Buyers are probably waiting for lower prices now. The smart traders who got in at around the 9000/8000 have been probably cashing out and will not enter before it drops below the 10K again. At least that is what i would do if i was making a swing trade
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U think this could be the left should the of H&S u were expecting at 13K? Does seem very likely.
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botje11 lrs1995
@lrs1995, You mean when the low was still around 10.500, yes than it would be idealy. Now it got to big with a drop to 10200.
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You think the guy who bought $400 M worth sold?
Reply
botje11 Miral_Gandhi
@Miral_Gandhi, I already talked about this friday:



I don't trust this at all!! My first though was, some big stakeholders trying to bring in bullish rumours into the market. WHo in his right mind would buy this amount of Bitcoin at these prices with all the uncertainties lately. It's just impossible! I don't even believe it for a second. I believe the fact ofcourse, but this is not one person or rich wall street guys or whatever. These have to be the biggest stakeholders in Bitcoin, who are trying to rescue it. But probably even more just a movement of Bitcoins (wash trading) between them. It's known that it gets done, to create volume and to give the appearance that the ask for Bitcoin is high (again). It could work ofcourse, it has been done for years already. :)
https://www.investopedia.com/news/bitcoin-price-retreats-10k-mysterious-buyer-emerges/?partner=YahooSA&yptr=yahoo
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Thanks for the update ! Good luck ! Trading these Bull run & are risky as always ! But we know the risk. By the way, consider updating your profile pic :) to give a more "pro" look and increase your followers!
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