My April 18 post (see link below) was titled, "I'm sorry but it's time to short Bitcoin." The pink arrow points to April 18, the day I made that post. Unlike a lot of other analysts, I do always put my money where my mouth is and I shorted right after I made that post and Bitcoin indeed proceeded to drop 7% - a very nice short (If it was possible to share screenshots of trades on TV, I would. Feel free to PM me for evidence/proof). Then, Bitcoin bounced with the traditional stock market after oil futures hit a 21-year low. So the current question is -- is it STILL time to short Bitcoin?
And my answer to that questions is: why wouldn't it be?
I still see Bitcoin correlated with traditional stocks, which are due for a major pullback and potentially a new low within the next three to four months.
As you can see on the daily Bitcoin chart, all we've done is come back up to the top of this rising channel and make a macro lower high (on the weekly chart). On top of that, people are getting EXTREMELY bullish right now with the halving and I'm seeing tons "LONG" messages here in the TV ideas section. So yes, of course it's still time to be shorting Bitcoin. Although I have to say, what I don't like about seeing all this bullishness is how over-confident it makes me feel about shorting, and I never like feeling overconfident about my positions because that's usually when they go sour :)
I'm currently in a short from 9058 (again - I'm not aware of any method of showing trade screenshots here in TV) and expecting Bitcoin to retest the blue box area in the coming days. If the blue box area holds, then I may flip bullish. If it doesn't, we can expect a pretty swift return to the mid-7ks (next purple line down) and if that doesn't hold, mid- to lower 6ks or even lower.
Cheers and happy trading.
And my answer to that questions is: why wouldn't it be?
I still see Bitcoin correlated with traditional stocks, which are due for a major pullback and potentially a new low within the next three to four months.
As you can see on the daily Bitcoin chart, all we've done is come back up to the top of this rising channel and make a macro lower high (on the weekly chart). On top of that, people are getting EXTREMELY bullish right now with the halving and I'm seeing tons "LONG" messages here in the TV ideas section. So yes, of course it's still time to be shorting Bitcoin. Although I have to say, what I don't like about seeing all this bullishness is how over-confident it makes me feel about shorting, and I never like feeling overconfident about my positions because that's usually when they go sour :)
I'm currently in a short from 9058 (again - I'm not aware of any method of showing trade screenshots here in TV) and expecting Bitcoin to retest the blue box area in the coming days. If the blue box area holds, then I may flip bullish. If it doesn't, we can expect a pretty swift return to the mid-7ks (next purple line down) and if that doesn't hold, mid- to lower 6ks or even lower.
Cheers and happy trading.
