Bitcoin: Do The Opposite Again
Current Situation:
Today we had a small drop to $7450 after weekly close. At the moment it looks like all coins have formed a running flat and have broken the trend line of the last impulse.
Prediction of others:
Many people on Tradingview continue to be very bullish, but yesterday and today came more short term bearish ideas. This statement is supported by the fact that the shorts have risen very strongly since yesterday. The longs have remained the same with a few variations.
Shorts:
Longs:
My last prediction:
My last idea was bearish with an arrow down to $6,600, since almost everyone was still bullish. Since then we have actually dropped $300-200. Sweet short term profits to go.
My current prediction:
I never try to follow the crowd. I use that as an indicator and combine it with my strategy which has made me very successful in the last few days. As everyone has become a bit bearish again, I expect a move up to about $7,900/7,800. Especially because the shorts have risen very much as you could see above. Also, it looks like we formed a running flat. In most cases (if the pattern is true) that means we'll at least break through the upper $7,780 range. This scenario would also fit well with the longs and shorts. If the shorts continue to rise, the price will tend to go even higher.
Final word:
Should you enter this trade, then watch out very well. I'm not so sure right now. It could be that I change my mind at any time. Normally, I assumed we would go up to $9,500 as it would have worked very well with the pattern. However, since everyone is posting a bullish chart on Tradingview lately, I'm looking for other scenarios. For now you should be very careful with your own positions. Time will tell us how people will react should we rise or fall.
At the end I wanted to thank you for your support. Even if I do not answer all the comments I read them and almost always give one like.
Current Situation:
Today we had a small drop to $7450 after weekly close. At the moment it looks like all coins have formed a running flat and have broken the trend line of the last impulse.
Prediction of others:
Many people on Tradingview continue to be very bullish, but yesterday and today came more short term bearish ideas. This statement is supported by the fact that the shorts have risen very strongly since yesterday. The longs have remained the same with a few variations.
Shorts:
Longs:
My last prediction:
My last idea was bearish with an arrow down to $6,600, since almost everyone was still bullish. Since then we have actually dropped $300-200. Sweet short term profits to go.
My current prediction:
I never try to follow the crowd. I use that as an indicator and combine it with my strategy which has made me very successful in the last few days. As everyone has become a bit bearish again, I expect a move up to about $7,900/7,800. Especially because the shorts have risen very much as you could see above. Also, it looks like we formed a running flat. In most cases (if the pattern is true) that means we'll at least break through the upper $7,780 range. This scenario would also fit well with the longs and shorts. If the shorts continue to rise, the price will tend to go even higher.
Final word:
Should you enter this trade, then watch out very well. I'm not so sure right now. It could be that I change my mind at any time. Normally, I assumed we would go up to $9,500 as it would have worked very well with the pattern. However, since everyone is posting a bullish chart on Tradingview lately, I'm looking for other scenarios. For now you should be very careful with your own positions. Time will tell us how people will react should we rise or fall.
At the end I wanted to thank you for your support. Even if I do not answer all the comments I read them and almost always give one like.
Note
Short update:I'm pretty sure I'll have to do an update today. Wait for a bull flag before buying. Should we make a corrective pattern then we will go even lower. For now I am going to sleep. Night.
Note
Short update:I think I was a bit too hasty with the post. Looks very bearish at the moment and it should go down. So it could be that we are on the support line of the "triangle" (which isn't one) tomorrow, June 6th. That should make everyone bullish. The only problem is that i still could not identify what pattern Bitcoin does. Will be more careful with my posts next time. However, should we drop back to $7,000 then we will definitely see $6,600-6,300.
Note
Short update:Finally we did a move. It currently looks like an upmove for me that should break $7,750. Should we break $7,800 then the next target is $8,200/8,800. So my assessment in the last update was wrong. But to be honest, something else would not make sense if I trade according to my strategy. That was actually the reason why I had published this idea. But sometimes it's hard to stay rational. Nevertheless, move you stops.
Note
Short update:I am very bullish now. I see Bitcoin going to over $10,000 this months before crashing. Tomorrow I will give you a huge opportunity for Verge. Be aware.
Note
Short update:One last update before sleeping. Even if I am bullish for this month, SET(!) your stop loss. A downmove is still possible. But after that, I'm sure we'll go up to around $10,000.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.