MoonTrader
Short

Short setup pending

BITSTAMP:BTCUSD   Bitcoin / 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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khoilevt
2 years ago
I will be 10% off ? right ...
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MoonTrader khoilevt
2 years ago
Yes.
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Nelty
2 years ago
If we break the $352 support line, do you think opening a short position at $350 is reasonable?
I'm still trying to figure out whether the Microsoft news was the cause of this major pump and if it will continue to rise.
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MoonTrader Nelty
2 years ago
It may have been. The market may consolidate for awhile, but I think shorting below $350 is a safe bet. There have been several pumps in the past that did not last long before the bear market resumed. Good news tends to be ignored in a bear market.
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johnrfraser
2 years ago
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??
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MoonTrader johnrfraser
2 years ago
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
2 years ago
right . paypal huge new , up to 438 and then ... down ... 285 ..
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johnrfraser khoilevt
2 years ago
what news???
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MoonTrader johnrfraser
2 years ago
Not now. A few months ago.
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johnrfraser MoonTrader
2 years ago
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....:-/
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MoonTrader johnrfraser
2 years ago
We are not the market majority. The clueless investors are the market majority.
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johnrfraser MoonTrader
2 years ago
I hope you're right! I feel clueless after getting caught in the big bull trap last month :-/
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MoonTrader johnrfraser
2 years ago
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.
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johnrfraser MoonTrader
2 years ago
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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MoonTrader johnrfraser
2 years ago
It happens : /

In other news, looks like my short setup is playing out... earlier than I expected. I'm short from $357.
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Nelty MoonTrader
2 years ago
I'm short since $350. What's your first target?
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MoonTrader Nelty
2 years ago
about 320
+1 Reply
khoilevt johnrfraser
2 years ago
Microsoft accept bitcoin through paypal ...
-3 Reply
johnrfraser khoilevt
2 years ago
I heard it was bitpay
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khoilevt johnrfraser
2 years ago
wow . sorry . i wrong :)) .
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johnrfraser khoilevt
2 years ago
if it were Paypal I think I would have bought a lot of btc today ;-)
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