Officially out of the descending triangle / YS up 220%
Hello all,
The descending triangle is a bearish continuation pattern, so that is why I was leaning towards a fall to 5k for a while now. But I will admit, I definitely was not certain this would happen. Some were, congrats to them. Shout out to Tone Vays for that. Seen a ton of traders here that were bullish - am skeptical when that happens. They are usually wrong.
We fell to about $5,500 before having a small bounce to $5750, but I am not expecting that to hold. $5k should be happening now. I would not be short from here, would just be waiting to long.
I do want to say this though: I am currently up over 200% on my BCH trade over at BitMEX because I believe Craig is going to kill the ABC version and so far my bet is proving me correct. We will know by tomorrow when the hard fork occurs, so you can only place your bets for a limited period. The contract has fallen about 35% and so there is 50% upside if you are bullish and 100% upside if you are bearish and think Craig will win like I do.
Since we have made new lows, I believe that indicates that the potential smooth bottom is invalid. Therefore, if we do not bounce hard from 5k and make a bottom, I am expecting $3,000 and maybe even $1,000. Do not be delusional. Bitcoin CAN fall to these levels. Be smart.
Follow me for wisdom and 200% trades :) Make sure you follow me everywhere that you can because I don't always post here first. I made the BCH post late last night on Twitter and, well, if you followed you woulda woke up to a massive gain.
-YoungShkreli
For fun, I'll link the first trade I ever made here where I said this would happen. Was far more sure it would happen then than I have been lately, maybe I should trust myself more :)
The descending triangle is a bearish continuation pattern, so that is why I was leaning towards a fall to 5k for a while now. But I will admit, I definitely was not certain this would happen. Some were, congrats to them. Shout out to Tone Vays for that. Seen a ton of traders here that were bullish - am skeptical when that happens. They are usually wrong.
We fell to about $5,500 before having a small bounce to $5750, but I am not expecting that to hold. $5k should be happening now. I would not be short from here, would just be waiting to long.
I do want to say this though: I am currently up over 200% on my BCH trade over at BitMEX because I believe Craig is going to kill the ABC version and so far my bet is proving me correct. We will know by tomorrow when the hard fork occurs, so you can only place your bets for a limited period. The contract has fallen about 35% and so there is 50% upside if you are bullish and 100% upside if you are bearish and think Craig will win like I do.
Since we have made new lows, I believe that indicates that the potential smooth bottom is invalid. Therefore, if we do not bounce hard from 5k and make a bottom, I am expecting $3,000 and maybe even $1,000. Do not be delusional. Bitcoin CAN fall to these levels. Be smart.
Follow me for wisdom and 200% trades :) Make sure you follow me everywhere that you can because I don't always post here first. I made the BCH post late last night on Twitter and, well, if you followed you woulda woke up to a massive gain.
-YoungShkreli
For fun, I'll link the first trade I ever made here where I said this would happen. Was far more sure it would happen then than I have been lately, maybe I should trust myself more :)
Comment:
$5,300 any minute now.