1200 was an obvious double top.
If you use cup/handle patterns then a 30% retrace max (for a handle) is 880.
If you use simple retraces then a 50% retrace from the last short term move from 580-1180 is 880.
Bitcoin bounced off of both of 880. Could test 1200 again. Given that people in China aren't allowed to buy gold anymore due to their government stemming the buying frenzy last summer, I assume it very well could-- especially with trump threatening to wreck China economically.
HOWEVER. I was reading that the latest downturn is a result of China threatening to stop it's populace from funneling money out of China: aka putting it into crypto. This is a really risky setup. If their government goes through with anti bitcoin policy I will probably short to 450... or more.
If you use cup/handle patterns then a 30% retrace max (for a handle) is 880.
If you use simple retraces then a 50% retrace from the last short term move from 580-1180 is 880.
Bitcoin bounced off of both of 880. Could test 1200 again. Given that people in China aren't allowed to buy gold anymore due to their government stemming the buying frenzy last summer, I assume it very well could-- especially with trump threatening to wreck China economically.
HOWEVER. I was reading that the latest downturn is a result of China threatening to stop it's populace from funneling money out of China: aka putting it into crypto. This is a really risky setup. If their government goes through with anti bitcoin policy I will probably short to 450... or more.
Comment:
I got stopped out because China is popping the bitcoin. There's still plenty of room for bitcoin to go down, I would think 450 is a starting short target. P.S. trading oil is way cooler.
Either way, divided money into 3 parts and added at 30% intervals to my stop. Added at 880,850,820. Almost got stopped out at 790. 820 was basically the bottom until next week. This is why it looks like it's being manipulated-- the trade was perfect so far.
I have a tiny position, anyway.