Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Hello Traders I have taken some time off tradingview to collect my thoughts on the market. I succesfully called the top at 10k and I shorted from 10k area to the monthly level at 7750. I went long at 7750 and expected that to be the bottom, well i was very wrong. I don't think anyone saw 3k coming that fast. This is not bullish at all. We need to get over 7750 and 9980 for me to even consider a bull run right now. This is the first time I have even considered the fact that we might make new lows in a long time. There is monthly support at 4.1k if we lose that 1ks are in the cards. If that happens it will take awhile. Right now a pump to 6790 seems likely, that is the bottom of the accumulation zone before the move up to the 10ks. I will be going short there. If we break the 5800 weekly level ill look for a long. RIght now I have been sitting on the sidelines seeing how price develops. Unfortunatly this might be the end of Bitcoins Parabolic price action. Btc will not go to zero but it might be a very long time before new highs are made.
market is too weak to break through 2-3 resistance levels for 6700 right now. that kind of pump wont happen.
5600 resistance might not even get broken so that might be the only short area.
im betting on possible 5900/6k resistance test and rejection for my 2nd short area though....hopefully....
and no - we wont go below 3122.
if we do, BTC is in structural trouble as an asset - forever.
there is no point going below 3122.
do not sell below 3122.
or entire BTC and potentially crypto space will suffer something we have never seen before.
adiver
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@Efpi, it's happening right now... shorting as well but not expecting to win, btc's really strong.
adiver
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@adiver, closed my short earlier with a small loss... shorting higher.
six19trading
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Well, finally a realistic trader. Not only for BTC but almost all speculative securities.
5600 resistance might not even get broken so that might be the only short area.
im betting on possible 5900/6k resistance test and rejection for my 2nd short area though....hopefully....
and no - we wont go below 3122.
if we do, BTC is in structural trouble as an asset - forever.
there is no point going below 3122.
do not sell below 3122.
or entire BTC and potentially crypto space will suffer something we have never seen before.