Oatrick

BTCUSD: We have topped

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
We have already had one rejection from the 1/1 line and unless we can break the 1/1 line soon this rally is over.
Comment: DYOR (Entertainment Only)

Comments

I agree. I have been shorting between $7750 and $8100. Back to $3k area. $$$ =D
+1 Reply
Oatrick mightytrader
@mightytrader, I am looking to place buys at $2700 personally.
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@Oatrick, People think just because it has been going up for 45-60 days that this will go on forever... They don't realize that Bitcoin can and will fall even faster and deeper than last time. $$$ =D
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Oatrick mightytrader
@mightytrader, I am a fan of this school of thought. https://www.youtube.com/watch?v=LDi7n5a24Ho
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@Oatrick, Thanks; I need to learn more about pitch-forks. However, most of my charts show we are still in a bear market. I know how to filter out the noise that whales make on the regular charts. To me, this current time is clearly a "Sell in May and go away!" $$$
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Oatrick mightytrader
@mightytrader, congrats so far, :).
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@Oatrick, Thanks! I covered my short position at $6,750 (sold at $7800 & $8100). I was $7 away from being stopped-out! The main thing was, that I was fully anticipating a violent dump... I was lucky to catch it!

I decided beforehand that I would end my short position as low as $7000-$7100, but I got all out at $6750.

Currently, I have conflicting long-term charts. I am not eager to enter any new positions until I can see a clear point where I can limit my risk on a longer term chart. I think it can go right back up to $8k if it wants to and beyond. But, I was particularly looking for a violent dump! =)
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Oatrick mightytrader
@mightytrader, Yeah, I am in a no-entry zone for the past few weeks because of the wild and unpredictable price action. Finally, the price broke my call; it had been so long to break (Bullish sign obviously). I am still looking for a dump until the price breaks the 1/1 line on the chart above.
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@Oatrick, Oh, yeah I went long at $8048 last night. I knew there was going to likely be a PUMP as the Whales held the price. I got stopped-out of a short last Sunday (the 19th). My stop (to cover my short) was just under $8300. I said, "If this was the top, it wouldn't go backup here. I'm done for the week."

Sure, it went back down to $7,500 the next day... But it didn't have to. Indeed, I didn't look at the charts for almost 1 week... I opened them last night and observered the price action and went long.

I wouldn't look into shorting until we hit $9k levels and observe the price action.
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@Oatrick, I am bullish short term and already in profit. But I still believe this is nothing more than a spring rally. But it will probably be several days (maybe even week or 2) before any sign of a reversal so be careful on shorts.
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