What's up guys, Young Shkreli in the building
I have an announcement to make: BITCOIN IS GOING DOWN! (unless it doesn't which is why our stop loss for this short trade is above the 200ma around $9000)
My background is mathematics and so when I look at the macd, I don't look for a cross, I look for a point of zero-slope (derivative of 0) because that is around where a top or bottom is going to be. I always found that waiting for a cross is kind of silly because even if it does cross, it can cross right back so you might as well be early because you increase your upside while keeping your downside constant.
In addition to this, I use heiken ashi candles because they reduce the noise and give a real indication about whether momentum is changing. I like to generally make a trade when the color flips after a long bear or bull period. In looking at the data on bitcoin from december, you can see that the average move in bitcoin lasts 4 days before a pull back. So each time you enter a trade, you can expect a trade to last for about 4 days.
The last tool I like is the 200 moving average. I don't believe in short time frames. The lowest time frame I ever use is the daily. With bitcoin it's the only time frame that matters because there is not enough date on the weekly and monthly timeframes. The 200ma tells us about long term trends starting or ending. I find it's very useful.
SUMMARY:
Bitcoin is almost certainly going to end today or tomorrow on a red ashi signalling there could be a change of momentum. The macd is at a local maximum (locals aren't necessary extremas on an interval) which indicates we could be at a turning point. The RSI has been overbought for the past few days and the 200ma is in bearish posture so this bear market likely isn't over.
I would suggest opening a small short position and wait for around $5000 before closing it.
Good luck bros,
Young Shkreli
I have an announcement to make: BITCOIN IS GOING DOWN! (unless it doesn't which is why our stop loss for this short trade is above the 200ma around $9000)
My background is mathematics and so when I look at the macd, I don't look for a cross, I look for a point of zero-slope (derivative of 0) because that is around where a top or bottom is going to be. I always found that waiting for a cross is kind of silly because even if it does cross, it can cross right back so you might as well be early because you increase your upside while keeping your downside constant.
In addition to this, I use heiken ashi candles because they reduce the noise and give a real indication about whether momentum is changing. I like to generally make a trade when the color flips after a long bear or bull period. In looking at the data on bitcoin from december, you can see that the average move in bitcoin lasts 4 days before a pull back. So each time you enter a trade, you can expect a trade to last for about 4 days.
The last tool I like is the 200 moving average. I don't believe in short time frames. The lowest time frame I ever use is the daily. With bitcoin it's the only time frame that matters because there is not enough date on the weekly and monthly timeframes. The 200ma tells us about long term trends starting or ending. I find it's very useful.
SUMMARY:
Bitcoin is almost certainly going to end today or tomorrow on a red ashi signalling there could be a change of momentum. The macd is at a local maximum (locals aren't necessary extremas on an interval) which indicates we could be at a turning point. The RSI has been overbought for the past few days and the 200ma is in bearish posture so this bear market likely isn't over.
I would suggest opening a small short position and wait for around $5000 before closing it.
Good luck bros,
Young Shkreli
Comment:
$6200. We are rich and famous, guys & gals.
Lower stops to $6850. We are locking in over $1200 profit/bitcoin short!
-YoungShkreli
Lower stops to $6850. We are locking in over $1200 profit/bitcoin short!
-YoungShkreli
Trade closed manually:
Candle closed green and I covered my short position. Profit: $2000/bitcoin short.
Thanks everyone. It was one of the better trades I've had all year by volume and not by percent. Hope you made as much as I did.
-YoungShkreli
Thanks everyone. It was one of the better trades I've had all year by volume and not by percent. Hope you made as much as I did.
-YoungShkreli
Also: lower stops to $7200
-YoungShkreli