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electo
Oct 2, 2017 11:16 AM

Bitcoin Top Has been Spotted -- Beware. Short

Bitcoin / DollarBitfinex

Description

If you have seen my previous charts, you would know my calls are pretty good. We will see a retrace at the $4700 mark. Get ready. Best of Luck.

We recently saw two 1100 BTC bids being sold into which were put in place to drive the price up. This means at some point bitfinnex will run out of margin. Someone wants to dump.

Comment

May not hit 4700. We shall see.

Trade active

Shorting bitcoin is always a bad idea. A very bad idea. Just charting this but not actually shorting it.

Trade active

Sorry folks - i am still very busy with work and family etc. however got a chance to look at the chart for a bit. here are some levels to look out for. I strongly think a corection is coming before the no2x bull.

Comment

3850 maybe.

Comment

4000 is good support..

Trade active

See my first chart .... chart still stands.

Comment

$4700 is the last resistance. Above that is bubble area. Bubbles go big very fast and bubbles burst very fast too.
Comments
yvofox
Why would shorting be a bad idea if you can buy it back for cheaper, am I missing somethere here?
I mean if you use a bit of btc only for trading and not your investment part.
electo
@yvofox, sorry -- i should have been clearer. Shorting on margin with high leverage is bad.
yvofox
@electo,
No worries, thanks for the info ;)
mvb1
@yvofox, shorting bitcoin is a bad idea, because you take people's money and produce nothing for society
yvofox
@mvb1,
I understand what you mean, to be honest, I think that's how society makes people act.
Just my 2 cents
BRRD
@mvb1 well how's it different in reverse?

Shorting is actually a very good thing as it allows participants in the market who for whatever reasons do not believe that the market price is justified to act on this belief. Without the possibility to short then there would be massive risk of bias and inefficiency in the market. Prices would be more unstable, not less.
fineregex
@mvb1, im back with a final solution to all the bull problems!
buy yobit's yovi coin with their "proof of ROM - rise only market" It is not possible/permitted to sell this currency thus it can only rise.
fineregex
@fineregex, to the moon! that being said i believe the best market is a straight horizontal line / low slope. Virtually all volatility is unnecessary and only exists as long as people dont make up their minds well but gamble.
BRRD
Do you mean retrace to $3700 mark?
BRRD
OK, I see what you mean - first hit $4700 then retrace. Cheers!
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