Bitcoin target is 17.100/17.300, than short, H&S target 14.400

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This Bitcoin is just amazing, it is just going wthe the flow, unstoppable. My target is set at 17.200, when (for the third time in a row) broke out upwards in a bearish rising wedge . But, as you can see in this chart, i expect it will form a big H&S with the neckline around 15.800 and the top around my target. Ofcourse an overshoot is possible to even above 17.500. But i am riding this out untill 17.100. From that point i will start to build up a short position, every 50 points up i will add a small portion.

Now there are 3 options:
1: I am completely wrong :)
2: it will turn around 17.200 and drop to 15.800 and make the right shoulder. This one is tricky, normally it should be smaller than the left one, but with the extreme hype it get get much bigger! Anyway, than it should drop below the neckline (15.800) with a target of around 14.400. This area is a support line, where an even bigger H&S could appear, but i dont think that one will become reality. But it is possible ofcourse.
3: It will drop to 15.800, but the H&S will fail and in an even faster rate it will climb up to the ATH and probably make a new one.

My guess is option 2 :)

I do have to say, what the Bitcoin has done, has really, really amazed me. I have not seen anything like this before. I just never thought it could here this fast!
Comment: I am going to close at 17.200, but i will raise my stop to 17.000, i think it has a bit more potential
Comment: I have closed at 17.160
Comment: Oh man, i only got the first portion in at 17.100, this was not what i wanted it to do. 16.800 is till a big support, hope it will jump up again to about 17.300. I will add from 17.150 up to 17.350
Comment: Perfect plan, but i was to slow. It just moves so fast sometimes! I only got 25% in of what i wanted. I have added at 16.740
Comment: The picture has changed quite a bit, it's still looking short term bearish. 16.400 is a support now, if this one breaks, i think we will see 15.800. But i am not so sure than one will break. Lets get there first :) than we can review again.
Comment: Wow, i am out at 15850
Comment: And i nailed it again, Almost into perfection, if it would just have stayed at 17.200 a few minutes more, i would have been fully loaded. Still good, 1100 points profit. Lets see if the right shoulder will form now, it should stay below 16.400 now, that would be the most bearish scenario

Comment: Oh crap, if this isnt the smallest right shoulder, this is extremely weak now!! That it didn't even make a normal right shoulder!

Comment: Iam gonna short it again at 16150
Comment: IN at 16150 and at 16240. i am gonna add at 16350 if it gets there
Comment: 16350 is also in there now, stop around 16600

Just gonna pretend that the circled area never happend :). And that the movement from the 15800 to the 16450, is the right shoulder, just as i mentioned an hour ago
Comment: I am out at 14500
Trade closed: target reached: Just amazing again :) I really deserve an oscar, for writing this script even before it began :). I nailed it again. 1700+ points :) cha ching LOL

Another 25% is in at 15200, stop is around 15.600
Comment: I think it's going up again from now. 15500/15.400 must hold!

Comment: I looks like it's gonna hold, I am going long now. with a stop around 15.300. It's obvious that on Bitstamp, they are not so possitive anymore, let's see if the other exchanges can push it up themselves
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wish i was on trading view 5 months ago. love your work:)!!! and the comments below. keep it up
I think I've warned you before about BTC shorting; why do you insist on making money from shorting Bitcoin?

Bitcoin could go to $50k next week if it wanted to. You know why? Well, look at all the money in the altcoins. Altcoins took a beating this week and some are down over 50%+ relative to Bitcoin. Bitcoin can suck them down even lower.

Anyway, I could care less if Bitcoin dropped to $4,000.. in fact I would just buy more of it. I just sold some for cash but I'm still heavily invested.

I wait for the big PUMPS to make more BTC. Einsteinium altcoin has gone up 20x (2,000%) in 2.5 weeks.. It went from $10million market cap to a $500+million dollar market cap.

So much money and volatility... even this evening it did a 40% move in 5 minutes. I made just under 30% on it, just tonight.

It's had several retraces and pumps!

Trade alts for more BTC... don't short BTC. The returns are lousy and risk too high. Not a good risk-to-reward.
mightytrader mightytrader
Einsteinum went up 20x relative to BTC... To USD it went up 50x.... (5,000%)... (but that's because BTC also went up; Einsteinum is only traded in BTC)
botje11 mightytrader
Ahhh you again :), you are a believer of crypto world, i am absolutely not. Not in the way the poeple who think BTC will go to 50K 500K. I just trade the bitcoin or Alts, i dont want to own it. For me making trades on BTC is relatively much easier than the normal stock/commodities market. That is my main scene, this is just seizing the opportunity, while it's still there. Ofcourse i make some bad trades, but i have made some enormous wins also. Just like this prediction i made, i just nailed it LOL :). Made 1100+ on the first, now i am already up 500+, the way to the 17200 i closed the long position for also 600+ profit. So i dont see the problem :). I hope, truly for every believer that the Bitcoin will even go to 500K. I will take my own share in trades while it does it.

Anyway, i dont want to own it, just trade it. I have seen to much in my career to be a firm believer.

Well done by the way wtit that trade. I dont have the time to do research for those Alts. Maybe you can give me a tip once :) Instead of hating me :(
@botje11, I'm not "hating" you or anything like that at all. Just sharing what I have discovered. I myself I kept telling myself: BTC is too expensive at $1,000.. too expensive at $2,000... $3,000... $5k... $7k... Finally, I gave up and just took some money I could afford to lose completely and went all-in. I'm up already 250% since last month in BTC... and in dollars.. like 600%. (but I don't like to think about the dollars since it's too volatile; I cash some out along the way, though)

BTC can go to $50k and beyond.... you must look at the entire crypto market cap. If the crypto market-cap goes to $600-$800 billion (currently around $400 billion), it could suck even more money out of alt coins and go to $50k pretty easily.

Not to mention the price manipulation on unregulated exchanges.

I'm not a huge believer... I used to wonder if these things will really revolutionize the world. Perhaps... in some form or another, sure.... But it's so speculative and this software is still very beta... BTC is very slow and expensive and I've read it now takes as much electricity of a house to run for a week in order to perform one transaction....

I have no idea what the value of BTC will be 5-10 years from now. Maybe it will be worthless. But meanwhile, I'm not going to try and predict doomsday. I just keep trading and cash some out as I go along.

I think it's possible to turn $500 into $500,000 with cryptos in less than 2 years. That's what I'm attempting.
botje11 mightytrader

Than we think almost the same. I also am only trading. Today there was news article, a big online game store, said they wont use Bitcoin anymore. Because it's to volitile and the fees are way to expensive. So that's reality. A month ago when i cashed out some to my wallet, it took more than 4 days!! And the fees i pay each time i transfer money, it's just insane!I also am not prediciting doomsday, i just dont believe that BTC is digital gold! Thats all :)

that is probably possible, but you have to have some luck also to do that i think
botje11 mightytrader
And if you had read my previous few analysis, than you can read what i expect for the coming period for BTC. It will be a toy for the smart money. I knew it would go higher again, only absolutely not at this pace. But this is even more advertisment for the avarage Joe. It's only good for the people owning BTC, the longer the game will take, the higher it will get. But It will end someday
@botje11, Yes, the BTC price is a type of marketing. The media covers it and CNBC. So... people get freakin' ridiculous and start putting loads of money into it... They sell everything and just "HODL".
botje11 mightytrader
Thats the whole thing, i do know there is a possibility that i am wrong about my scepticisme, but commen sense and the things i have seen the pas 20 years, it's all just a hype, put in a new digital jacket. And on a much wider scale, because of the internet/technology and social media nowadays. I see so many people around me the last few months thinking it's a garuantee to get rich because of the many coins and ico's. Even things like Bitconnect, i think it's a disgrace that a pyramid on this scale is even possible, that it has become this big and no one is shutting it down. In the gold rush 10 years ago, i know people who had sold their houses, to buy gold en silver mine stocks. The same maddness is going on right now, only on a much bigger scale now. Thats what i see, i hope the best for people, i just dont want to be a part of it, even if i could be wrong.
Like when they called off segwit2, how insainly amounts of money have some people earned with that inside information. And who checks it, who can be held responsible, who do they answer too. Let's not fool our self, all the value (price) is being created by the people them self, it's their money flowing into these markets pushing the price up because of the maddnes now. Paying these high prices to the ones who are selling. Ofoucrse there are some lucky people, but that is also neccesary to keep the advertisement runing. I just dont like that these markets can be manipulated so easy, that's the main reason why i just don't trust it. But time will tell ofcourse
@botje11, Ironic you give another reply exactly when I logged on. I haven't logged-on since last night! Literally just came on. Ok, I will now read and respond! Give me a few. ;)
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