#Bitcoin: Going bodly where no coin has ever gone before
Price is back to where it was in July 2018.
The price is within an upward moving two trendlines. Look how the angle of the bottom line is more sloped up than the top one. This means, buyers stronger than the seller. The recent bounce and rally came with large volume. It shows buyers are back in the market in every way. This is amazing after such a drop. It shows only a handful of idiots are short in this market. Most are buyers. The 7500 broke like it was never a resistance & already touched 7800. I would not be surprised if it crosses 10,000 soon in a few days.
Notice the Parabolic Sar indicator showing bullish. The market is parabolic. So this indicator in this market is very useful. The SMA100 might act as a resistance line. Watch out for that line.
We also have to think about what big buyers and sellers think. These people have a lot of bitcoin at hand. To cash it out, they need big liquidity. How better to have that other than to cause this kind of flash crash to lure in more short sellers. The more sellers are in the market, the quicker it goes up and the more FOMO is in the market. This results in more individuals buyings. As a result, volume shotts up. And, now, we have the liquidity we need for the large bitcoins to cash out nicely.
Question is, will you sell at this price if you have hundreds/thousands of bitcoin? I do not think so. The rate of return of your bitcoin value is too low at this price if you are holding massive amounts of bitcoin. The price may need to cross 11297 for you to have at least a substantial return. At that price, the big sellers can safely sell half of their bitcoin size and let the remaining half ride with the ultimate FOMO. This way they would make tons of money yet be in the market for any potential biggest rise in the history of bitcoin. So, the biggest Short Squeeze Party has not started yet. Once, it crosses 9000, I feel 11297 will come in a flash.
I try not to get carried away by the current volatility and lose the long term goal of 30,000 USD by year end. Volatility is dangerous to push one into making mistakes and rushed decision. I am trying to stay with long term dynamics.
Bitcoin likes to hurt traders. The biggest fool right now is those shorting in this bull market. Do not short in the bull market. And do not be a bull in the selling market. Keep it simple!
Potential Setup:
Stop Loss at 6587 (wherever the MA 20 is at) or at 6893
Limit at 11297 (around 50% fib area).
Entry: Anywhere between 7750-7950
Note: Be extra careful especially when you are trading with leverage trading (margin trading).
The price is within an upward moving two trendlines. Look how the angle of the bottom line is more sloped up than the top one. This means, buyers stronger than the seller. The recent bounce and rally came with large volume. It shows buyers are back in the market in every way. This is amazing after such a drop. It shows only a handful of idiots are short in this market. Most are buyers. The 7500 broke like it was never a resistance & already touched 7800. I would not be surprised if it crosses 10,000 soon in a few days.
Notice the Parabolic Sar indicator showing bullish. The market is parabolic. So this indicator in this market is very useful. The SMA100 might act as a resistance line. Watch out for that line.
We also have to think about what big buyers and sellers think. These people have a lot of bitcoin at hand. To cash it out, they need big liquidity. How better to have that other than to cause this kind of flash crash to lure in more short sellers. The more sellers are in the market, the quicker it goes up and the more FOMO is in the market. This results in more individuals buyings. As a result, volume shotts up. And, now, we have the liquidity we need for the large bitcoins to cash out nicely.
Question is, will you sell at this price if you have hundreds/thousands of bitcoin? I do not think so. The rate of return of your bitcoin value is too low at this price if you are holding massive amounts of bitcoin. The price may need to cross 11297 for you to have at least a substantial return. At that price, the big sellers can safely sell half of their bitcoin size and let the remaining half ride with the ultimate FOMO. This way they would make tons of money yet be in the market for any potential biggest rise in the history of bitcoin. So, the biggest Short Squeeze Party has not started yet. Once, it crosses 9000, I feel 11297 will come in a flash.
I try not to get carried away by the current volatility and lose the long term goal of 30,000 USD by year end. Volatility is dangerous to push one into making mistakes and rushed decision. I am trying to stay with long term dynamics.
Bitcoin likes to hurt traders. The biggest fool right now is those shorting in this bull market. Do not short in the bull market. And do not be a bull in the selling market. Keep it simple!
Potential Setup:
Stop Loss at 6587 (wherever the MA 20 is at) or at 6893
Limit at 11297 (around 50% fib area).
Entry: Anywhere between 7750-7950
Note: Be extra careful especially when you are trading with leverage trading (margin trading).
Comment:
HODL
Trade closed manually:
Profit. WOW! So much profit. And , no one follows me still. Bummer!
I think I will stop putting in chart as no one follows me even though I am so profitable.
I think I will stop putting in chart as no one follows me even though I am so profitable.