There is a good saying in trading. History does not repeat itself, but it rhymes!
Just an observation to keep in mind...if this is true, then 2014 can show us the way.
In 2014, this push lasted for 15 days, then we continued down. We are now in day three!
Major resistance from 38 fib + major pivot level in 11-12k range.
If buy pressure remains, this is the target.
So, yesterday my less probable thesis materialized - (''I also have my stop in place for my short trade in case we turn around sooner than expected which is also a possibility. I suspect many people are expecting similar thing so this alone might turn around the price sooner....'') and the main thesis (short squeeze below 6k- white arrows) is for now on the...
For now, my idea still stands. Short term short trades are in the play. My 7100-ish short trade still ON. Targeting first 6600, then looking for 6000 and below with major momentum when the stops get triggered (red square). Liquidity gap can make the price spike very low, who knows how low. At that point, I will be a buyer with a short to medium term reversal in...
Still holding short from 7100-ish area and looking for my target #1 @ 6600 to get hit. SL already at breakeven. If good price action develops I will add a bit to my short.
General tendency still down for BTC. Big guys, desperately want stops below 6000 and I will follow them there if I see fast action. If this happens I will be liquidating my entire short and...
The pressure is building. Be ready for fast and large moves. The square box is an area of importance to look out for where multiple scenarios can play out.
The bulls are fighting but I am almost certain that bears want the stops below 6000. If this plays out, expect a spike and have your buy orders ready (distributed of course).
I am playing both ways....
This is a real trade (Bitfinex BTC margin short) but just a test post. To get a hang of TW a bit. More will follow.
Will start DSA challenges (double a small account) publicly...will be interesting!
I am new to TW so if you have any pointers what to do better, please speak up ;)