Yolos
Short

Bearish on Bitcoin in August

BITFINEX:BTCUSD   Bitcoin / Dollar
311 2 2
August will be bearish for bitcoin . We will continue the downtrend that started on July 24th for a few weeks. This is based on my hypothesis that the market is heavily overbought and overleveraged mainly due to a credit bubble occuring on bitfinex (which started in May). I think we will see margin calls during this time and even a flash crash. Without any buying pressure the leveraged longs are crumbling under the 60% per year overextended bulls are paying in interest for loans.
HerSerenity
2 years ago
You might want to consider the credits from OKCoin as well, its volume is way above Bitfinex'.
Interesting point for sure, never thought about that.
+1 Reply
ChartArt
2 years ago
I fully agree that the last move was a bull trap. It happened almost like I expected two days ago (sadly I didn't post a chart with a forecast). Only that we broke above 600 US Dollar and didn't stay under this important resistance made me wonder. This is exactly what will give most people the false impression that the price is going up, while we are still inside this larger overall downtrend.

The bears on TradingView seem to be still in minority. I'm like you very bearish and posted a chart supporting my view:
The real reason Bitcoin is doomed in Summer 2014


The real reason Bitcoin is doomed in Summer 2014
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out