Bitcoin has seen a nice rise from 6200 lows. During the rise I have remained bearish, but have longed many cryptocurrencies throughout. The volatility made for an awesome week of trading.
Looking at sentiment, we can see almost all the normies are calling for a new bull market. While that may be true, the majority are usually wrong. I remember seeing people tweet how it was the last chance to long Bitcoin at 9k before the start of a run towards a higher high. Effectively telling people to long the top. Currently sentiment is pretty positive according to most sites.
Funding is very positive and price is overextended. I believe we will be getting a move down very soon. Even if we do not, I cannot see this rally going much further than 6800.
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I'm basically a permabear right now for Bitcoin, but I will turn into a permabull once we get a new bull cycle. While it is pretty late into this bear market, keep in mind it should last more than 12 months.
it may also be time to start looking at shorting altcoins such as XRP and Bitcoin Cash. Keep in mind Bitcoin Cash will reach its peak BEFORE the Nov 15 date, so don't think you can long right until Nov 15. And if you hold Bitcoin Cash to get the token to sell right away, I believe you will lose money, as before the hard fork price will have already dropped far more than the price of the token.
Looking at sentiment, we can see almost all the normies are calling for a new bull market. While that may be true, the majority are usually wrong. I remember seeing people tweet how it was the last chance to long Bitcoin at 9k before the start of a run towards a higher high. Effectively telling people to long the top. Currently sentiment is pretty positive according to most sites.
Funding is very positive and price is overextended. I believe we will be getting a move down very soon. Even if we do not, I cannot see this rally going much further than 6800.
Thanks for viewing!
I'm basically a permabear right now for Bitcoin, but I will turn into a permabull once we get a new bull cycle. While it is pretty late into this bear market, keep in mind it should last more than 12 months.
it may also be time to start looking at shorting altcoins such as XRP and Bitcoin Cash. Keep in mind Bitcoin Cash will reach its peak BEFORE the Nov 15 date, so don't think you can long right until Nov 15. And if you hold Bitcoin Cash to get the token to sell right away, I believe you will lose money, as before the hard fork price will have already dropped far more than the price of the token.
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Expect a 50% retracement
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Also, this goes against my bearish belief, but we just got a 7 on the daily. While this is normally bearish, we know there will likely be a fakeout to kill the shorters.
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So I could see a 9 completing before we actually pump once more.
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The end of that move will likely be the top.
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Awsome. Move down.
