We've bounced off of the $6k region 3 times now, each time putting a higher low in. Now everyone can agree, this seems bearish, especially with the RSI highs being higher right? ...right?
Let me show you why this doesn't really matter.
Also something I have noticed. When the highs of the RSI continually get higher and the highs of price continually get lower...eventually that increasing strength is going to break upward. Perfect example is the recent IOTA pump. Yes, I know, much smaller timeframe, but you get the point.
Whales are getting back into alts at their bottoms:
These rando green dildo's that keep happening in alts? A lot of people think it's manipulation. Incorrect. These are HUGE buy orders from whales, buying back into alts. Notice how we've been having an alt season as BTC has been dropping like a brick, yet when we were on our way UP in BTC, alts were dropping like a brick.
DYOR on Elliott Waves. Right now we are finishing wave 2 of a 5 wave series. The next wave could take us as high as $12k, in very short order. I'm an Elliott IDIOT but numerous well known Crypto traders are saying the same thing, either we're finishing a wave 4 and going into the 5th wave, or we're finishing wave 2 on a much larger scale. Hell, we might even be starting wave 1 if my theory is correct.
I am also sure a lot of you traders are well aware that tech stocks have been taking a massive hit lately. Especially FaceBook, taking the largest financial hit on record in the US. 180 Billion dollars, POOF, gone in 2...yes, 2 hours.
Where is all that money going? (This is just a theory.)
Remember the 93 RSI we hit in the 4HR on July 16th? That high of an RSI in the 4H hasn't been seen since June 12th/13th, 2016. I have a suspicion that this was accumulation disguised as breaking the insane $6800 resistance.
Then lo and behold, on July 24th when BTC peaked at $8,500, Bitmex broke the record books with a WHOPPING 1 MILLION Bitcoin traded in the timespan of 24 hours. Was that BTC accumulated, or sold? My theory is that the Bitcoin that was accumulated to break $6,800 was sold at $8,500. It would only make sense that the whales would sell the top.
However.
Where is THAT money going? I suspect to place buy orders at the region we're at now. To not only get super cheap Bitcoin, but to make absolute sure we don't break $6,800.
Longs! Why in the world are there 32k long contracts STILL, even though we've fallen $1,600?
Oh yeah that's right, herd mentality right? Normally speaking, a lot of traders would tell you that when there is a ton of shorts, we're going up. Ton of longs, we're going down.
What if we actually bottomed at $5,755, and these longs are not only staying in from that price, but going higher because of it? Notice longs have been getting added daily. The ratio is absurdly off right now. Perfect time to dump it right? What if they're tricking you AGAIN? Instead of going down while longs are so high, what if this is finally the time they flip the switch on the suckers that always do the opposite? Keep in mind, shorts are starting to go up again..
Speaking of longs and shorts. All year since the ATH we've gone up and down up and down. Whales are longing till the top, then shorting till the bottom, rinse and repeat. Longs and shorts get paid in ... you guessed it, BITCOIN.
...Do you *really* think whales taking profit are going to do it at $8,500? $10k? $11.7k? HELL no. They're going to do what they did last year. Jack the price to an astronomical level WHILE LONGING IT. Then close their longs at the top, sell ALL of their BTC, open a short, and the process repeats. Selling their Bitcoin in this region is just outright stupid, when they can moon BTC to another parabolic high and THEN sell it. Makes sense right?
Let me show you why this doesn't really matter.
Also something I have noticed. When the highs of the RSI continually get higher and the highs of price continually get lower...eventually that increasing strength is going to break upward. Perfect example is the recent IOTA pump. Yes, I know, much smaller timeframe, but you get the point.
Whales are getting back into alts at their bottoms:
DYOR on Elliott Waves. Right now we are finishing wave 2 of a 5 wave series. The next wave could take us as high as $12k, in very short order. I'm an Elliott IDIOT but numerous well known Crypto traders are saying the same thing, either we're finishing a wave 4 and going into the 5th wave, or we're finishing wave 2 on a much larger scale. Hell, we might even be starting wave 1 if my theory is correct.
I am also sure a lot of you traders are well aware that tech stocks have been taking a massive hit lately. Especially FaceBook, taking the largest financial hit on record in the US. 180 Billion dollars, POOF, gone in 2...yes, 2 hours.
Where is all that money going? (This is just a theory.)
Remember the 93 RSI we hit in the 4HR on July 16th? That high of an RSI in the 4H hasn't been seen since June 12th/13th, 2016. I have a suspicion that this was accumulation disguised as breaking the insane $6800 resistance.
Then lo and behold, on July 24th when BTC peaked at $8,500, Bitmex broke the record books with a WHOPPING 1 MILLION Bitcoin traded in the timespan of 24 hours. Was that BTC accumulated, or sold? My theory is that the Bitcoin that was accumulated to break $6,800 was sold at $8,500. It would only make sense that the whales would sell the top.
However.
Where is THAT money going? I suspect to place buy orders at the region we're at now. To not only get super cheap Bitcoin, but to make absolute sure we don't break $6,800.
Longs! Why in the world are there 32k long contracts STILL, even though we've fallen $1,600?
Oh yeah that's right, herd mentality right? Normally speaking, a lot of traders would tell you that when there is a ton of shorts, we're going up. Ton of longs, we're going down.
What if we actually bottomed at $5,755, and these longs are not only staying in from that price, but going higher because of it? Notice longs have been getting added daily. The ratio is absurdly off right now. Perfect time to dump it right? What if they're tricking you AGAIN? Instead of going down while longs are so high, what if this is finally the time they flip the switch on the suckers that always do the opposite? Keep in mind, shorts are starting to go up again..
Speaking of longs and shorts. All year since the ATH we've gone up and down up and down. Whales are longing till the top, then shorting till the bottom, rinse and repeat. Longs and shorts get paid in ... you guessed it, BITCOIN.
...Do you *really* think whales taking profit are going to do it at $8,500? $10k? $11.7k? HELL no. They're going to do what they did last year. Jack the price to an astronomical level WHILE LONGING IT. Then close their longs at the top, sell ALL of their BTC, open a short, and the process repeats. Selling their Bitcoin in this region is just outright stupid, when they can moon BTC to another parabolic high and THEN sell it. Makes sense right?
Comment:
Long @ 6850 5x or 10x, with a S/L at $6,700.
POTENTIAL risk-reward of 20:1.
This is what I would do if I had more FIAT to spare.
This is not financial advice, but you're welcome for the idea.
POTENTIAL risk-reward of 20:1.
This is what I would do if I had more FIAT to spare.
This is not financial advice, but you're welcome for the idea.
Comment:
BGD incoming xD
Comment:
Hmm...
Comment:
Food for thought, and something I forgot to mention in my idea.
Crypto is THE pinnacle of buy the rumor sell the news.
Go look at any hyped huge news announcements for top coins, and when the announcements were made.
Prices pump WELL before the announcements, then dump on the news of said announcements. That being said...
Why are we dumping right now with the ETF 'decision' between the 10th and the 16th? If the decision was to be denied, don't you think the whales would rather have the price pumping right now so they can dump on all of us when the announcement is made?
Think about that for a minute.
There's something big going on that we peons don't know about.
Along with all the information above, I feel like all of this is correlated somehow.
ESPECIALLY with the fact that we're dumping yet having an alt season.
Like I said, food for thought.
Crypto is THE pinnacle of buy the rumor sell the news.
Go look at any hyped huge news announcements for top coins, and when the announcements were made.
Prices pump WELL before the announcements, then dump on the news of said announcements. That being said...
Why are we dumping right now with the ETF 'decision' between the 10th and the 16th? If the decision was to be denied, don't you think the whales would rather have the price pumping right now so they can dump on all of us when the announcement is made?
Think about that for a minute.
There's something big going on that we peons don't know about.
Along with all the information above, I feel like all of this is correlated somehow.
ESPECIALLY with the fact that we're dumping yet having an alt season.
Like I said, food for thought.
Comment:
www.turtlebc.com/tools/buy_percentage
Check the 6 month and 1 year.
There’s a lot of blood in the streets. This looks to be the time to buy..
Check the 6 month and 1 year.
There’s a lot of blood in the streets. This looks to be the time to buy..
Comment:
Just an idea I've been looking at..
Comment:
Strange "U" shape
Strange "U" shape
Comment:
I implore any single person, how in the hell does any of this price action on the above charts look at all normal to you?
By the end of the year we could see 35k conservative, to trend-verified 92k, or as high as 170k if we hit parabolic again.