Short setup pending

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
As I expected, the bounce stopped at 365. Watch this level with an eye on volume to confirm short toward $300-$320 and lower. The long-term target is still $240-$250.

This was obviously a pump, so I'm confident this setup will work.
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Well played. Why do you think the Microsoft news has been taken so lightly though, with a fake little pump, stopping at 365 then apparently continuing on a downward path to follow the EW wave down?
This news should bring with it big volume and a concerted move surely??
MoonTrader johnrfraser
The PayPal pump did the same thing, as well as other similar pumps, which you can see in the recent months, with a short, fast spike up followed by a steady decline. News tends to be ignored in a bear market.
-1 Reply
khoilevt MoonTrader
right . paypal huge new , up to 438 and then ... down ... 285 ..
johnrfraser khoilevt
what news???
MoonTrader johnrfraser
Not now. A few months ago.
johnrfraser MoonTrader
Ah, thanks for clarifying.
It's reassuring to see that you're agreeing with the EW guys (user10000 and Unapologetic_Capitalist) with different TA.
Mine ties in somewhere in between...but I often tend to disbelieve things when things like news come along.
Some string confluence of opinion here though, so I think I'm short...
Only other thing that worries me though...I've read from a reliable author, 'the market always seeks to damage the most majority' so if we ALL think its going down....:-/
MoonTrader johnrfraser
We are not the market majority. The clueless investors are the market majority.
johnrfraser MoonTrader
I hope you're right! I feel clueless after getting caught in the big bull trap last month :-/
MoonTrader johnrfraser
You mean from $275? That was more of a correction than a bull trap. The market was panicking too fast. I was bullish, too, but I quickly changed my mind once I was able to identify the trend change. You don't have to be able to predict what the trend will be months ahead of time, just be able to recognize when the trend is changing and follow it.
johnrfraser MoonTrader
I was meaning the last peak where we peaked at 396 from the low of 316...I had 390 as a buy trigger, failed to acknowledge my MFI and MACD cycles and bought at the top. Amateur!
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