This is a more quick update, what is going to happen with bitcoin 0.97% this week? with any luck we should bounce around this zone, 6750, to 7350, because we have dropped way too fast to be able to quickly drop to the next support in a few days, so that is my opinion, we should bear flag from 6750-7350, till the weekend, it could be a doji candle weekly. the alternative is either dropping down to $6000 region, which seems a bit crazy, or pumping through $7350/7500 area, but that also seems unlikely, so I have taken the middle path. and with that being said, I have some time to make the third part to this series, so I will do it another day. enjoy sideways bitcoin 0.97% scalping for a few days.
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bitcoins taking an extreme path! next bounce area is around $5800, BEAR is in full swing, should get to $5000 pretty easily.
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short trgets long scalp buyzone in green, for the little bounce.
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I'll use this idea for the present scenario in the future. chart measurements show $5200/or $5800 levels will be tested. (if there isn't a short squeeze, breaking 6600 with ascending volume would suggest a short squeeze.
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pretty similar, I wouldn't blame anyone for simply sitting this out, and waiting for the next movement.
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due to the overwhelming number of shorts I am forced to make this update, this is a counter chart idea, based off of a potential short squeeze. I do not trade these ideas when I make them, but they have so far enjoyed pretty good success, the realistic target for this idea is $6850 area. I need a rest so won't trade it as we will almost certainly dump afterwards anyway. good luck.
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Following the fractal, confirmation at 6190.
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Ok looks like the charts could do the counter sentiment idea, basically a short squeeze could go to 7130 if it does, usually I'm more decisive , but to day I have the chart saying one thing, and the longs and shorts charts saying another. So I'm 50/50, stay safe I the market is likely to do any short squeeze pretty fast, very risky trading the breakout. Good luck, just don't be short squeeze fuel! Better to be safe IMO.
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Good so far for the main trade, think we got through without a short squeeze, better to be safe so you don't get liquidated though! Bear confirms at 6190 anyway.
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The shortsqueeze idea happened so the upper sell zone got hit, now the trade is much safer, good work if you took the precautions of not shorting I outlined. See you at $5200! (Maybe). Also i think every short trade on bitmex liquidated.
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Since we are going to be out of the range for this chart soon I'll make a new idea on Sunday. All my current ideas are active anyway, and since the short squeeze is done we can move on.
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Lots of buyers turn up around $6250, I wonder if bfx and bitmex can't afford to pay out on the shorts, so they keep printing tether to buy bitcoin, to keep the price from dropping. Only problem is they have to sell the Bitcoin to get usd so they can back the tether with usd, i don't know how that's gonna work out for them. The joys of Getting lawyers to do audits. (Instead of actual auditors)
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based on these two weekly charts, one with a two week hammer candle, and one with a hammer candle followed by what will very likely close the week as a hammer candle confirmation candle on the weekly for bitcoin, my current view is that I am bullish above 6470, to 7100, maybe even higher, to $7400, this is what I see as realistic, and the trade offers good risk to reward as well if I could buy near $6500, with a stop loss at $6470. I am sorry I haven't been charting consistently, we had a really great rr set up on a lot of trades if I had seen where we were in terms of support and resistance. $232 billion dollar market cap continues to be the important resistance, and the chart continues to only give me signals which are 50/50 odds, so there is not too much I can do. The reason for this is there is a lot of buy volume at the $6000 level, and the market sentiment is very bearish, also some technical indicators like MA on multiple TF give bearish crossovers, while rsi gives neautral and bearish signals. I don't really want anyone to trade based on this idea this time, its not a good time for opening trades, just holding with stop losses, 6150 for bear confirm, or 6470 for the local support. I'm really concerned the chart is setting up for a short squeeze, so sometimes you get a fake breakdown before a squeeze, the chart would suggest to $6200, or even to the bear confirm area. ultimately, bears may have run out of bitcoin to short with.
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Just want to state again that the chart is 50/50 either way. In case it reads like it's bullish, it's intended to be neautral short term, and bearish mid/long-term.