So I got stopped out of my previous short trade on BTC, Previously I mentioned that we could bounce strongly from the 30K, then we formed a mirror pattern and I said again we will bounce strongly from here. After we shot up close to weekly bearish candlesticks and 40k resistance I took a short (a little premature in hindsight) but it is what it is.
Now the current situation is telling me that we are going to create a double top at 40k+ , before dropping to 13K in 2021.
I will keep you updated on when I next enter, if you have been watching my BTC post's you will know I have only been wrong once in this whole topping process.
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Double top created, I have entered with SL at 50k, Tp at 25k
Great call. I would presume something around 16-ish. I think you calculated the 13k by calculating the ratio between the top in 2016 and the 6 k it reached during the fall. :)
Paul_Erasmus
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I couldn't agree more with the Double Top approaching. I disagree however with the pullback to 13k, there has been far too much institutional investment (hence the massive rise in the first place) for them to sell out, they are in it for a much longer timescale. I reckon the pullback will be to 30-32k as profit takers do their bit...
mohamedshoier8999
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@razmop Institutional investors will never buy the top, they will buy when there's a pull back.
Paul_Erasmus
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Hi @mohamedshoier8999 - I agree with what you say but I'm not sure of your point in relation to my post? :)
NinjaTradingServices
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@razmop, I think it is because he believes 30-32k is still considered "the top" which is still expensive, 13k is very cheap. We have basically been rallying none stop for a whole year without a major pullback which is un heard of in any market. I've seen this pattern hundreds of times, maybe bitcoin will behave differently but I'm not sure if the psychology of the people will. Excited to see what happens though :)
btcdigital
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u mean it will pull back?
NinjaTradingServices
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@btcdigital, Yes, I am expecting a double top and then pullback to 13k where price will then rally like crazy into 2022.