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This was my original idea but trading view would not publish it correctly.
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Come on guys lets get this in the top. Shine some light on this topic here.
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On serious note we rejected going back up into my previous channel which seems to be a Bearish pennant. At the same time shorts are stacked sky high. The market wants to fall but the market makers don't want to pay out on the shorts we have to factor this into our TA. I would not short between $6256-180. You are just asking for trouble.
That's called an ascending triangle fam, not a bearish pennant. Shorts are gonna get squeezed and we are going higher.
achtung360
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@Sherem, babypips.com/learn/forex/pennants Actually the only thing holding this market up is the shorts. Several times they tried to cause a liquidation squeeze and failed. They don't want to pay out on the shorts. Just look at the outage we were completely range bound until Bitmex went down fro about 2 weeks. If you do calculation of it happening in particular time frame you'll end up around 1 in 672.
Sherem
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@achtung360, Fam, the link you sent me doesn't match up to what you drew... you do realize that right?
this is not a bearish pennant. Ascending triangle, a channel, a wedge, but it's not a bearish pennant.
achtung360
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@Sherem, Your right, throw it up on a 30 minute and you can see its definitely a rising triangle, which in a downtrend, is also typically bearish. A wrong idea though was to tell people the ETF was going to be approved and Bitcoin was going to 10k. There was no way that was getting approved with this level of "manipulation" which is just the way large traders move the market in the best way possible to suite them. Everyone in my community knew it wasn't getting approved not sure what gave you that idea. The only thing holding bitcoin up for the past 14 days have been the shorts stacked near ATH. All we have is the same money washing in and out of the market right now and less and less of it.
Sherem
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@achtung360, That's a 4 hour chart I posted, not a 30 minute. And the picture you posted is a rising wedge!
Nice deflection. I gave reasons why I thought it was going to get approved. It's also calculated risk. Everyone and their dog thought and knew the ETF wasn't going to get approved and the market priced it in. What happened after it got denied. Nothing. Absolutely nothing. No follow through. So by going long, my risk was far less than going short, because like you said, everyone was expecting the SEC to deny the ETF. If it would have gotten approved the market would have gone into full moon mode and it would have shocked the markets.
theArgyLargo
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@Sherem, could be a bear ascending triangle because the buy volume is decreasing while sell volume still maintains...really hope im wrong tho
theArgyLargo
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@uchmaster3, more than likely its bull the closer we get to the apex...45/55 bull bear rn..60/40 bull bear closer....75/25 bull bear closer....
EduardZimmermann
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@achtung360 Thanks again for your effort. Here is my view based just on an underrated indicator called "volume". I completely agree but your chart lacks of some protagonists of the whole shady ecosystem. You might know and maybe your purpose solely was the latest incident. More to come. My guess.
Sincerely
EduardZimmermann
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Sorry, i've posted the wrong link.
vickydaswani
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have a look at this strategy and tell me what do you think, its insane