Yo_adriiiiaan
Short

Bitcoin Looking VERY Bullish?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
By the looks of this chart everything looks bullish . We have been making higher lows since January, a golden cross took place back in May and currently we are in a bull flag with a bullish engulfing candle.

If you didn't realize already this is actually an inverted bitcoin chart. The whole chart is upside down. So really all the bullish stuff we see is actually we bearish . We've been making lower highs since January, a death cross took place back in may and currently we are in a bear flag with a bearish engulfing candle. Nothing about this is bullish at all. This is why my bias is towards the downside. Through making bad trades I've learned that the best thing to do is what the chart says. This chart is bearish therefore I will short bitcoin . If it looks bullish then I'll go long. Simple as that. In my opinion it's easier to see reasons to be bearish with an inverted chart.

If you are bullish on bitcoin because of an ETF or some other big news then become an INVESTOR not a TRADER. As a trader this looks like a great opportunity to continue to short.
Alsoit's above 50MA, retesting maybe at 6580ish, and then moon :S
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@NQ95, Yeah I hope. We need to make a higher high before I become bullish. Alts are look like they've found a bottom. Xvg and eth are my main focus
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Hmm, flag got invalidated...so price going "down" in ur graph?
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hahaha man this is so good!
I looked at this and first instinct was "buy buy buy!"...which should translate to sell sell sell XD

Hw did you invert the graph like that

This is such a good way to look at it
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@NQ95, Bottom right,click on settings, then click inverted scale. Reeeaaaaalllly helps take away your bullish bias
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NQ95 Yo_adriiiiaan
@Yo_adriiiiaan, what? im short XD
that means the whole graph and bearish outlook was wrong i guess
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@NQ95, As of right now shorting has a better R:R than going long. Price is going to have to break 7.3k for bitcoin to become very bullish. We are in an important situation for bitcoin
+1 Reply
NQ95 Yo_adriiiiaan
@Yo_adriiiiaan, yh agree, lets see what happens
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@NQ95, Wouldn't consider us being in a bull market until the weekly rsi is above 55
+1 Reply
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