Bitcoin had no single correction so far as trying to breach 10500 resistance line, starting "run" from 8800 and forming triple top (maybe quad as well) which is absolutely one of the bearish indicators.
As obviously having problems to handle with 10500$ resistance and pumped 200-300$ over, trying to "leave an impression" of being absolutely bullish by any indicator , even pumped it could not break it (since the "guys" doing this pump won't be spending their money only), they are counting and relying on other traders to "bait" after (apparently) normal rebounce in "bullish" environment (this is not bullish, since we are still in bear market, this is bullish short therm run which will end up falling only).
Line of this (artificial) trend has been placed 2500$ higher then in "regular" (normal) scenario (probably because of % gained during swings) as trying to "persuade and deceive" people in order to "accumulate" more, so it could have more strenght for rebounce to 11,500$ (maybe even 12.000$), but certanly not far from that which will CERTANLY END UP FALLING.
We should probably look for a potential rebuy at 8800$ (as being new trend line) and also use stop/loss at 8400$ (just as a precaution), even we are " aiming" 11,500-11,600$ output price, which would be like 30% profit. If that correction we are expecting doesn't " occur", i would not suggest "dealing with this situation", maybe short swinging with stop/loss again (but aiming for 11.000$), because this price is also unsustainable as any given price above 8000 level, because price is uncertain while being pumped.
Once again, don't get tricked by this Bitcoin manipulation, use this situation in your advantage. Rebuy at 8800 and cashout at 11.500$ so we can determine in which direction market is moving (it will be probably downward pattern only) while taxi drivers and hair stylist shooting messenger with " Bitcoin to the Moon, new price record, 40.000$, 100.000 $ and other absurd scenarios), because time has come for WIDE CORRECTION and nothing but BULL TRAP on 11,500 level (12.000).
Don't let your self sink with this Bitcoin after 11.500 price level.
-This is not financial advice, it was meant to be used only as subjective speculation regarding this very tricky and deceptive situation. Good luck
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Since we are still trying to determinate in which direction market is moving, I would suggest that we should wait for potential rebuy at 8800$/9000$ (not above). Main thing would be that we should cashout at 10500$ not 11,500, so 10500$ (just as a precation. Than we should wait for another retreacment on aproximately 9000$, buyback and wait for see how situation develops. Good luck guys.
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And of course when buying on 8800$ S/L should be placed at 8400$. Risk/Reward ratio would be 5:1
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Price on Bitcoin is getting pushed for like 20 minutes so far. It should make retracement back to aprox 10100 in the first instance. Our rebuy would be still at 8800-9000 (poloniex)
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Instead of price reversal 10.8 to 8.8 (which would be healthy consolidation, price is being "dragged" by buyin large volume of Btc (one sided, in closed circle) (huge orders got filled instantly, 30/50/70 btc buy order (when breaching reistances 8.8/9.5/10.5/11.2, and attempt of breaching 11.7) while there were no orders bigger than 0.5 (in those moments), could possibly lead us to determine our current position and "what's next". Since price is being dragged to 11,700 level, it could be sold progressively, but having in mind we already saw 11,700 (in different manner that "we thought it should be" but yet " happened"), maybe we should think about our future steps (when price reversal is being finish). We should have retracement to 8.800 level. Anyway. After that price range, having in mind we are in not that stable enviroment, maybe we should reconsider "are we in bear or bull market", but seems to me that correction hasn't finished yet, despite everyone else talks " bullish (seems like they flipped the coin, so decided to be bullish". 8800 and 8400 would be crucial about determinating our current position and enviroment. We could do some "scalping" (as my frined loves to say) We could rebuy at 9.4. Setting up stop/loss at 9.3. We would aim for 9.8-9.9. risk/reward would be 5:1 After that we should expect retracement to 8.8, because no other price doesn't fit into a bigger picture. I do expect downward pattern, but still, i m not excluding new uptrend (which if would happend) would probably be arfiticial, but mixed smart money+big boys money, so "big boys" could "add momentum" (as they did 8.8---->11.7), they could possibly pump it again, but if we experience "new uptrend" by my opinion would be arfiticial. I suggest anyone to thread carefully. Trade always with s/l (close one)
I definitely second you that this is artificially pumped and manipulated (as stated before)... If it pumps out of nowhere after several attempts, eating through big walls without power but in one move, you can definitely see what is happening here ... Question is, when will it stop?^^
samu0815
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If BTC starts falling - in -->combination-- with bad news - I don't think I will participate on a rebuy @8.8K, then we could start our trip down. 6K, 5.5? It "could" even go lower. I'm generally bullish to crypto and BTC IS crypto, but depending on the current situation, there could be a big retracement in front of us and I'm seriously thinking about to cashout a little earlier than I originally planned (11.5K).
CryptoSwindle
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@samu0815, I've got 2 little scalp spots open to 11k then I'm going to sit on the sidelines. Volume is extremely weak 7k -> 11.25k. Let's see tomorrow london time when stock market also opens. It either goes mid term to 7k or pierce through to 4.6k or we end the cycle by breaking the upper bear trend. No such thing as a double bottom support in a momentous downtrend for bitcoin. I'm still bearish though.
When regulations are enforced, expect many exchanges to close their doors. Regulations => audits and strict rules that are broken on a daily basis in crypto space and since the largest exchange in the world has fired their auditor... I see some heavy fud and raging fire coming from the powers that be, whether tether is legit/backed or not, this wasn't a smart move to poke the control freaks in their eyes. Despite that, bitcoin price continued to rise and pump just before the sec hearing and I was there in the trading zone, it felt way too fishy and manipulated, exactly the same gut feeling as mt gox and december.
milanjelic
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@cryptogast33, scalping is fine (with "close" s/l-easy manner).
Regulation aren't enforced yet (anyway, i m bearish as well)
About those tax paying in US/Ariozna, that paper should be given on consideration" in order to be aproved by higher instance.
Higher instance-Higher interest.
So, if i would be the one on higher instance, i would certanly crash price to the fraction and eventually bought it for like 196 in the last instance.
And no one says that ratio mining is always lower than the price cost.
40% of entire Bitcoin circulating is in hands of 1000 people.
I will quote the person who also is able the see bigger picture "An other thing is that the mysterious billionaire ou buyed 400 millions of btc at 8500 is in fact Bitmex who has converted it's BCH from the fork to BTC (that's why BCH stayed so low for a long, they solded them progressively)
Again it's total manipulation of market. Market place investing the market by controlling the most of the bitcoins and doing whatever they want of the price.
milanjelic
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It's cleverly manipulated.
However, manipulators seem to look at indicators to determine how far they can push.
They now know that a pump works only if it's credible.
So they try to manipulate indicators to persuade more investors to put money in.
And people will think this is regular thing, bullish Bitcoin.
Deception, but very clever, they are making it to look like " new cycle".
Taxi drivers say " Zoom out" Hair stylist saying " 6 diggits"
...
3000$ lowest rebuy, 4700-4800 (60% profit) or Bulltrap for greedy.
:)
CryptoSwindle
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@milanjelic, I 100% agree and I like your view the most here on TV. I know some big big whales (not in person, only online) who orchistrate pump and dump (they livestream, I think you know who I'm talking about), including bitcoin and rekking people positions on purpose to get them liquidated, so finex and mex are cashing in on their margin calls. They see order book and where people stop loss orders are and trigger them while having opposite buy order for cheap, then lots are panicing, they will buy cheap and drive price using bots with small orders. Notice the volume is very weak for pumps or dumps, while in opposite is 10x more volume for that price %. Every crypto exchange in this world follows finex.
This game is a game of scumbaggery, including flash crashes and fake "ddos" when they inject their own orders in best spot, even worse than the comodity markets, doesn't mean you canot make profit, but >95% of people do not know this game and lose money on consistent basis and most ta will never work and they use news as excuse to make their moves ;-)
They do not understand market makers, shorting at bottom (they think why do that for a loss), wash trading (triggering volume alerts and redistributing coin to fellow members), spoofing walls, etc.
I can recommend you to download this 7 paper book from big whale manipulator who does pump and dumps and is part of inside trading and part of 24/7 group @ cryptofrenzy.wordpress.com/2014/02/19/wolong-writes-a-book/
For scalping, I only buy/sell spot, because I was screwed before with stop loss exactly near target then it mooned or dumped. For positions, I only do that when there is lots of volume from dumb money, so I know I won't get screwed and that target is < 4k, preferably < 2k. Problem is, smart money is not buying here, only average joe sheep who is going to lose lots of money soon and cry to big brother for help.
Sheep also do not understand the coming tether collapse and the end of many many cryptos exchanges and many people will lose everything. They think tether is only small fraction, but this small fraction is used to inject to bitcoin and traders make market price, not holders, but worst thing is, is that finex is #2 in world of having most bitcoin and a collapse could mean the end of bitcoin or a long bear market with < $100 market price, then bitcoin will die, because nobody is going to mine or maintain the network.
Just like mt gox and december, it's fake pump to dump on gullible sheep to cash out and buy cheap later, this fake pump is too. The inside traders have for the last month been registering on new exchanges to escape to fiat, so I know this game is almost up. They are very smart people, that's why sheep always lose. Maybe one more pump to 14k and then I sell everything the 10% I have in coin to fiat and watch it all burn. Any news is good for those people, up or down, no problem.
People called me stupid for calling bitcoin bubble in december and that bitcoin is also pump and dump and heavy manipulated by whales, so I knew to sell around the top.
Now people calling Jordan Belfort stupid for calling bitcoin pump and dump and manipulated, the real wolf of wallstreet who was a manipulator and pump and dumper himself.
Maybe sheep get what they deserve, they will not learn and forget next month anyway ;-)
vbori001
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Sorry I just do not see $8800.
My thought is that we will bounce between 10500 - 11500 and by the end of the next week shoot up to 13K
Spaceballs
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I like this kind of TA, short, price objectives and clear direction.