BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
132 views
5
132 9
We have seen some panic buying like it was the last chance to buy any highly overvalued crypto, thinking we are going to the moon. Short sell all of your cryptos. The number of shorts is much lower than a few days ago so there is less probability of short squeeze, Stoch and RSI are overbought like crazy. We are not going to the moon and if we continue to go up this will be the biggest bull trap crypto has ever seen.

Comments

Big institutions are playing games. I wouldn't mess with any leverage right now; you will just provide them liquidity. Big Boys like to play games like this because they know crypto has been filled with spoiled children that are used to seeing 30-3,000% moves in a few days, weeks, and months.
Reply
Avatar1964 mightytrader
@mightytrader, Fair point. The history has proven big boys might pump useless assets before dumping them all
+1 Reply
mightytrader Avatar1964
@Avatar1964, Just control your position size, have a SL and trade on a reputable exchange... I only trade leverage on Kraken because they are US m-based and have been reputable enough for me. I just don't trust leverage on offshore exchanges; that's my main concern re. leverage.
Reply
mightytrader mightytrader
* US-based
Reply
mightytrader Avatar1964
@Avatar1964, BTW: BitMex CEO is saying (juat yesterday) that the Bitcoin bear market will last another year and a half.... So, he clearly has an agenda and wants everyone to go short!
Reply
Avatar1964 mightytrader
@mightytrader, I actually believe him as an economist and I don't see any alt that is not overvalued. Alts will crash hard and I think the bottom for BTC is around 3k$. The last bubble took around 2-3 years for the whole cycle and I don't see any reason to be different this time because current market caps are really crazy.
+1 Reply
mightytrader Avatar1964
@Avatar1964, Yeah I am not bullish. I don't doubt it likely to go sub-$4k.... Just it could take another 6 months or year for it to happen. Therefore, I am not doing any leverage.
+1 Reply
Avatar1964 mightytrader
@mightytrader, thanks for your comments. I will post an info about bitmex ceo talk on my fb fanpage thanks to you :)
+1 Reply
mightytrader Avatar1964
@Avatar1964, You're welcome. Comments are meant for sharing and gaining new insights!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out