Xzhi
Short

Bitcoin (BTC) The Bitcoin high may be 6992. The bottom is 3500.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The price action where Bitcoin dropped before having a sudden rebound was caused by a whale shorting near the 6200 levels. The price was pumped up to liquidate him and take over his shorts.

There is also strong demand for Bitcoin at that level, but it is evidently weakening, as shown by the consolidation at the 6k price last month.

Therefore, we may expect a true extended bear market where Bitcoin goes below 6000 for a long time, similar to 2014. Just let Bitcoin rise and short it. That would be the stress free and easy way to play this market.

I expect another round of consolidation before breaking to 6900 or just a drop below 6000 for good with 6600 as our top.

Short:
6600-7000

Stop Loss:
Close above 7000 (Manual)

Evidently you need to plan out your leverage so you have a good entry and a safe liquidation price. I expect Bitcoin below 5000 in a couple of months unless something crazy like the ETF is approved or if we manage to break one of the previous highs (7300).

It is important to realize Bitcoin was around 1000 last year, and a correction to 3000 will still be a very good return. If you disagree, please tell me why in the comments below.

In the meantime, Ethereum is also a very good short, with a long term take profit going below 125. I expect a higher return from Ethereum on my short.

Doing some fundamental analysis , almost all the altcoins have no real working product and no usage. We are still in the early adoption phase and there is much more room for growth. Despite that, most of these current projects will fail to gain adoption and some may even run out of funds, which should not be happening unless the owner did not diversify correctly. I believe DASH may face this problem.

I believe Tron will be a good pickup near the 32 satoshi level or lower although that is not very realistic. A hundred satoshi price will be more likely.

As this idea is very bearish and those tend not to do well, I will appreciate every single thumbs up I receive.
Sep 19
Comment: It may be interesting to note a 10,000,000 USD order got liquidated 6170. Must suck.
Sep 19
Comment:

This looks dangerous currently. This may change if we can move above 6400.
Sep 20
Comment:

We should not be moving below 6400 now. If we do, that would be a bad sign.
Sep 20
Comment:

We broke under 6380 and that level is currently acting as resistance. If we do not close above soon, there would be a good short opportunity with extremely low risk.
Sep 20
Comment: They did a stop hunt before pumping price up. If you want to long, wait for a retrace. Make sure selling momentum is not too strong.
Sep 20
Comment:
Sep 20
Comment: This move is not very strong. It will like touch 6450 after a few hours unless we can hold 6500.
Sep 21
Comment:

Instead of 6450, we touched 6470. Right now we are moving up to the resistance. I do not expect rejection, and instead expect consolidation below 6600.
Sep 21
Comment: 50 million tether sent to Bitfinex. We may see a huge pump for the bulls. This will happen within 300 hours based on previous tether deposits.

This will take is to 6900.
Sep 21
Comment: Keep in mind there will be a stop hunt before the pump so they can get traders to market sell into their buys. This repeated many times during the last rally to 7300.
Yes, we moved above 6400. So does thing change anything?
+1 Reply
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