BTC Scam Wick if I Have Ever Seen One! Bullish? Not convinced.
HEY GANG,
I haven't posted in FOREVER. But I'm still here. I might start posting ideas again. It takes up so much of my time to provide content on the other social media channel that shall not be named, I just couldn't keep up. Anyway, "that being said" (I HATE that phrase), here's what I see...
This is a short squeeze. If that's not a scam wick, I don't know what is. I remain unconvinced that this move is the beginning of a reversal. I did not find one single indicator that supported this upward move. With volume declining, why did we move up like a staircase, all the way up to the big scam wick liquidation pump? It seems to me that this is artificial. I guess the leverage exchanges (or whomever it is behind this) can get away with this legally, since regulations don't prevent it, but this is just plain wrong. It's sad to see. In my opinion, it is abusing confidential information when you see the size of the bets on the books and you take the opportunity to liquidate them for billions of dollars. I call that stealing.
If you look on my chart, you'll notice the two red rectangles with green shading that I have indicated two huge areas of resistance. We blasted right through the upper resistance zone, with literally no indication that it was coming. That was amazing. And I think it was terribly wrong on the part of whomever is behind it.
Strong words, but that's the way I see it. I'm going to wait a while, like I have been for several weeks, before I start placing some orders for my favorite alt coins that I sold after it was obvious that we were in a bearish trading channel a couple of months back. It's too bad I didn't see the blow off top coming, because I was WAY up on all of my positions. But I had the good sense to take profits while I was still at a healthy profitable point. I'll be lurking, watching, and waiting for an absolute confirmation that the bottom is in. Sure, you can't always catch the bottom. But it is safer to give up some gains to wait for an absolute reversal in trend.
I'd love to hear your thoughts about this! Stay tuned, I'll be back!
Carlton Flowers
The CryptoPro
I haven't posted in FOREVER. But I'm still here. I might start posting ideas again. It takes up so much of my time to provide content on the other social media channel that shall not be named, I just couldn't keep up. Anyway, "that being said" (I HATE that phrase), here's what I see...
This is a short squeeze. If that's not a scam wick, I don't know what is. I remain unconvinced that this move is the beginning of a reversal. I did not find one single indicator that supported this upward move. With volume declining, why did we move up like a staircase, all the way up to the big scam wick liquidation pump? It seems to me that this is artificial. I guess the leverage exchanges (or whomever it is behind this) can get away with this legally, since regulations don't prevent it, but this is just plain wrong. It's sad to see. In my opinion, it is abusing confidential information when you see the size of the bets on the books and you take the opportunity to liquidate them for billions of dollars. I call that stealing.
If you look on my chart, you'll notice the two red rectangles with green shading that I have indicated two huge areas of resistance. We blasted right through the upper resistance zone, with literally no indication that it was coming. That was amazing. And I think it was terribly wrong on the part of whomever is behind it.
Strong words, but that's the way I see it. I'm going to wait a while, like I have been for several weeks, before I start placing some orders for my favorite alt coins that I sold after it was obvious that we were in a bearish trading channel a couple of months back. It's too bad I didn't see the blow off top coming, because I was WAY up on all of my positions. But I had the good sense to take profits while I was still at a healthy profitable point. I'll be lurking, watching, and waiting for an absolute confirmation that the bottom is in. Sure, you can't always catch the bottom. But it is safer to give up some gains to wait for an absolute reversal in trend.
I'd love to hear your thoughts about this! Stay tuned, I'll be back!
Carlton Flowers
The CryptoPro