Sherem
Short

Time to FOMO into BTC! or wait.. H&S?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Actually, no. Don't. Have patience and exercise discipline. We have had a very good run and we made a really nice return already on the way up from BTC 4.5k. Right now is NOT the time to be overzealous. In fact, if BTC can't push above this 8300 level, it will make a perfect short. Be wary, shorting BTC in market that is pumping can be dangerous. I mean it always is, but we could get a higher shoulder. You can use a tight stop above 8500 and have a 6:1 risk to reward ratio or more liberal stop above 9k for roughly a 2:1 risk to reward ratio. Use caution and keep an eye on it. If you aren't shorting it, just stay on the sidelines and wait for the pull back to go long.

the first thing to realize is that everything is pumping right now because of LTC. I don't think the full fomo, moon type scenario is playing out yet. We still have some time for that to develop. We have one coin pumping bringing everything else up with it. As soon as that party is over, we'll be heading down.

If this Head and shoulders pattern finishes forming, we still have about a week give or take for it to finish forming up. If the pattern holds, we'll be heading down in a big way. It's possible we go down to just above 5.5k and that's where we will target to go long. This will bring down ETH, LTC, etc...

Best of luck,
-Sherem
Comment: previous idea:
Comment: and btw's, smash dat like button please!
Comment: For anyone wondering about past posts, check them out:





Comment: We're at this 8,300 level. If it doesn't push through here and we get a nice pullback the head and shoulders pattern for a push down will become more valid. Keep an eye out on this area here for what it does.
Comment: Still divergent RSI on the daily chart with this push up. Is it confirming the divergence or just gearing up for a larger move? Hmm...

Either way, if you are short, you should be really light in your short.

Do you think this is morphing in to a double top pattern? The burst yesterday couldn't break 8700. 85-87 seems to be the current resistance zone.
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Sherem theredbaronZ
@theredbaronZ, The divergence is sure there saying it is, but i can't help but wonder if it's an ascending triangle type formation.
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This analysis using square of nine

if we break 6183 with 1 candle day
I will place a LONG order @5531
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I also think that it is not long before a strong correction
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Thanks! :) Look at my prediction if you want :)
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Bitcoin goes higher:
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Sherem, I was responsible for the LTC bull run yesterday. I sold my LTC early yesterday morning at $128 in order to move it elsewhere. I then went back to bed. Within a couple of hours it had shot up 15%. (I'm serious. This is what happened.)

So I apologize to all those who were shorting it. My bad. And by the way. If anyone wants a crypto to move up dramatically within hours, send me the crypto and I will sell it on the exchange.
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@BDG, Come on BDG, let us know before you sell so we can buy in!
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