I feel so strongly about BTC heading back down that I dare to post it.
BTC have been rejected by the ¤H EMA 55 like 3-4 times now in a week and it cant get more bearish imo.
EMA 55 on the 4h is an important timeframe short to mid-term and the EMA 55 is being respected always. Always. But most never notice it I guess because it is not being respected as strongly as the 1 day EMA 55 does.
it is just one of many indications that it is over and BTC is heading back down to the 5000-6000 region at a minimum.
The 2 day RSI / Stoch is other significant factors and 1 day RSI is also bearish.
This is not financial advice but as you see on the chart it seems pretty that the top is in and btc is already heading down. ( broken formations, and the biggest formations more or less broken - a question about hours I think )
I'm writing this with 1 eye open so I hope you survive the poor quality of the analysis.
Have a nice day.
Wisdom of the day:
For every billionaire shilling BTC in the public we likely got 10 billionares buying the bottom, dumping the top and shorting the top. So just because we got a few billionaires promoting BTC it does not mean that they represent all billionaire whales. Nope, they ( mac kaiser, Tim Draper, The BTC twins and so on ) hey are all hodlerne not traders. They will do whatever it takes to pump their bags. Even if they belive in and love the project they shill. But every time you got a rich hodler you got maybe 10 rich traders that dont care about Bitcoin revolution but only cool cash. Even if it means BTC will ever go over 10.500 usd again. That is the truth. + Governments with unlimited fiat can block any chance of BTC going over 10.500 too. But the 99% never think like this..but belive in that if you belive in btc will go to 50k then it will just suddenly happen! - Nah, that is not how the financial world works. But that is how you lose your lifes savings being a fool playing vs the Wall Street Pro's where you can only lose in the long run and be lucky in the short run (retailers and fools) :)
Confucius_The_Great
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Some may think that BTC going sideways is a bullish sign...but I do not agree and history agree with me.
If you are currently shorting BTC then hold it strongly is my non-financial advice.
I do that my self at least.
Have a fantastic day and enjoy the summer!
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Remember - ( my lesson ) in crypto volatility can be insane and spontane hitting your stoploss and going your desired direction. So my new rule of thumb is to always use double the stoploss of what "what the pro's" and "books" learn us because getting stomped out is the way I have lost most money.
So what before was a 5% stoploss is now a 10% or 15% stoploss.
The price spikes/jumps/fake moves/stop-loss-hunts can always surprise you I realised.
Better do fewer trades that are close to or is perfect buyin price and use bigger stoploss than doing a lot semi good buyins with a too strict stoploss and just get stomped out again and again and messing you up mentally.
I hope my advice will help you in the future.
Confucius_The_Great
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Oh, even a perfect buyin price with too strict a stop loss will fail. And I was taught that a perfect buyin price would fix the getting stomped out - nope. So double/tripple the stoploss is what it is :)
Remember the gains on the current EMA 55 4 hour trade is like 100% with a 5x if it goes home. ( it is like 75% likely imo )
- no financial advice. Do your own research, your trading, your responsibility :) I just share my view.
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It is still a PERFECT time to short BTC if you are considering it. Damn lucky you guys are that BTC is printing its usual sideways bearish pattern right ontop of the EMA 55 after around 5 rejections lol ( extremely bearish ) - Crazy good trade imo.
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Everything goes after the plan.
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The retailer are buying the dump. That is fine. As you can see on the chart if you update it, the sellers are still in control and BTC is firmly caught below EMA 55 =)
The retailers are chanceless vs the whales who are taking profit from when they bought the bottom at 3800-6000 usd! And buying the newest model Ferrari with it.
That will be us in the future friends.
I would put a stop loss at around 9700 if your shorting btc.
It is still a perfect time to throw up a lovely short position if you have not already:)
Have a lovely day.
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I must admit that it is a little corncerning that BTC "bounced" like it did yesterday but it is still looking super bearish below the 55 EMA so there should be no worry. The foolish buyers are just setting up a longer fight than normally. The buy side is clealy getting weaker and weaker. The bounces are getting weaker and weaker :)
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Try imagen that what we see now is the end of this up trend...the finale of an uptrend that started around the 31 Marts... remember the 20-30% dump that the chart says is inbound and hold strong.
@alanmasters, Yeah I know it can be a lot better but I was closer to death than alive when I wrote it haha.
And I got much to learn about formulating it all in an "easy to digest" "userfriendly" "interesting" way to get up to your guys level :)
It will all come when I someday am put on the correct medication again. So i'm not a walking "zombie".
Thanks for commenting master.
Tim202
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Great comment - I always wondered whether any of these whales who manipulate markets were in fact government agencies. If that is the case BTC is screwed longterm.
I have been thinking/suspecting that since the 2017 manipulations/timed dumps too.
There without the shadow of doubt are massive players pumping/dumping the who crypto market at random times with bots. When you have seen it enough times you cant denie it any longer.
Think about the CIA, NSA, GESTABO, KGB, they are the governments long and dirty arm you can say. Historically they are willing to do ANYTHING to fullfill their government agenda. So based on history the government manipulation should be 100% chance. The FED could easily print enough money to buy majority of BTC over maybe 1-2-3 years only pumping the price minimally.
The "the elite may own 50% of all bitcoin" theory is funny, because it is possible and they would only need like 10% to keep the price down. If you dump 25 billion of BTC in a day/few days ( 2017 numbers) you will make the market crash!!