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Orcishruler
Aug 22, 2021 8:13 PM

Bitcoin - Dead Cat Bounce Is Over Short

Bitcoin / U.S. dollarBitstamp

Description

We have negative divergence on the RSI, CCI and MACD, with the MACD giving us a death cross on the 4hr. We will definitely retest the 28-30K level, and I predict bitcoin will eventually hit 18K before the end of the year. The 2017 chart almost looks identical to today except in a shorter time frame. If you want to buy here, you obviously hate money. Sorry to be the bearer of bad news.

We could potentially test 53-56K if we break 50K but I still think my head and shoulder reversal plays out the same in that scenario.
Comments
blueboy356886
Nice, waiting for the next dip. Just been playing with Alts in mean time.
Orcishruler
@blueboy356886, at 15-18K I wouldn't be adverse to doing a long play for a bounce. At 18K go long until 25K and take profits.
imansdz
so u can take it short with leverage 20 or more and get so rich and get out of the market :)
Orcishruler
@imansdz, ? I'm not sure what your trying to say here. I would put a stop loss at 50K and than reposition if we approach 53K
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