Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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My best guess is we go to the 1.618 and bounce from there...this would be roughly the 2900 area...I am scaling longs between here and there because I feel like we are over due a dead cat and with divergences showing up on all time frames...why not? Trying to play a counter trend is VERY risky and I have accepted this risk as acceptable to me. Overall bitcoin is incredibly weak and what we are witnessing is most likley the dying of one of the greatest asset bubbles of all time. I do not think bitcoin will go to zero but as I have been screaming about all year I do think we are going to triple digits. Not only is bitcoin one of the largest, if not the largest, bubbles in history but also the global equity bull run is pretty much over as well. As I talked about in another post that is another dagger in the back of bitcoin...I am trying to catch a counter trend bounce by longing from here to 2900 but as I mentioned it is extremely risky and I would not reccomend.
Red Boar
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Update
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Update and alternative scenario
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Update with a look at the 8 hour divergences....I dont doubt we could stop run a dump down to 2800 but I dont see another leg down being in the cards until we get some kind of rally...I could easily be wrong after all bitcoin is a giant ponzi bubble but based on TA i think a rally should happen anytime....