A lot of market participants seem to be following this developing iH&S. This is why it likely will fail to complete.
- I'll long the bottom of the right shoulder once confirmed
- I'll build a short position between 6800-6950
few big players still move this market, distribution of bitcoin has basically just begun. unlikely that 6k is the bottom; it's still a decent price compared to 1 year ago (1D close of July 12, 2017 was at 2,386 --> +151% to 6k).
BUT: big accounts have no interest in a crash; they want an enduring bleed to load off on the rallies. a panic scenario would scare away buying volume for years.
- I'll long the bottom of the right shoulder once confirmed
- I'll build a short position between 6800-6950
few big players still move this market, distribution of bitcoin has basically just begun. unlikely that 6k is the bottom; it's still a decent price compared to 1 year ago (1D close of July 12, 2017 was at 2,386 --> +151% to 6k).
BUT: big accounts have no interest in a crash; they want an enduring bleed to load off on the rallies. a panic scenario would scare away buying volume for years.
Trade active:
set buy order at 6167.5
Trade closed: target reached:
many thanks!