Short

BTC-USD another dump is coming ?

Updated

ETH-usd daily chart looks like shit. Support is broken. It tried to break the bearish trend line but got pushed back
ETH-BTC is pushed back into bearish trend line too
ETC-usd 4HR chart has shown bearish divergence
BTC-usd is struggling to reach 7k (will it??)

all of the above information shows me that another dump is coming.

I don't short but stay in USD/USDT now to buy the dip

Unless BTC breaks 7.2k , I will consider bull to be back

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lol, it is happening :)

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buying now is like catching a falling knife. Patience is the best option in this situation

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long orders are still holding and anxious with stop loss between 5800 and 6k. When we get passed it, thing will get more ugly because of stop loss

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possible path next few days

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failed to recover, look like another dump party might be coming today . Sentiment right now is extremely bearish. Not much buy support at 6k which will be broken soon. After multiple dumps, people might have realized that bull won't be back soon. That's why articles have start mentioning 4k, 5k or 10k end of year :)

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lol, here we go . Too obvious move

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some people keep saying Bull is coming because of Short squeeze. Honestly, I agree that short squeeze will come but not NOW. why ? short hasn't reached its previous ATH yet, it is still pretty low now so there are a lot of room to rise MORE. And during that time, btc can dump more . I got this lesson from last week dump. So I think, short will continue on rising to around the level of its previous ATH, then during that time short squeeze will happen.

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current trading range.

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bear is getting weaker. It can't break 6k easily despite all of the FUD 3k,4k,5k during last dump. I feel that bottom is approaching on bitcoin . So IF (just IF) we have another dump, it should be the last one and we will start recovering. Or we will start recovering from here ? I have little doubt on this because we still don't have impact news for bull to start.

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we are in falling wedge . Coincidently if we break out of the wedge, it also means we will break out of the heavy resistance purple line which have dump btc down multiple times when we approach at it.

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if today's candle end with a red one, very high chance that our dump's party will continue on . ETH is getting more bearish than btc lately and the recovering isn't as strong as before too

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5500+ is a reasonable target to buy . Everything (eth, btc, etc,...) should be in oversold during that time. We will have a bounce during that price. Then after the bounce, whether it will go down again or up is something to consider later :)

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holy smoke, something weird is going on poloniex. A strong buy pop up on buy side for bitcoin to defense 6k$. I haven't seen this kind of strong buy for a while on poloniex

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everyone is getting nervous . We are near decision time

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CME 's future will end tomorrow. It explains why bitcoin dumps today
if we observe carefully, the angles of drop have become smaller and smaller. It says that we are approaching bottom and be ready for a bounce sooner or later. I will say that the lowest we can go is around 5.6k . So it is a good idea to start laddering buy around this zone and below

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another strong point to believe that today and maybe tomorrow will be last dump and we will recover is that "repeated pattern has been spotted on ETH-USD 4hr chart. Same bullish divergence which has happened 3 times :) "

Trade closed manually

As I mentioned in the above 2 comments, clearly we were at bottom and will move up within today so this short post should be closed. I will make new post later when opportunity comes :)

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check out my long ETC post. I think ETC will be more profitable than BTC for trading. BTC is still the flagship for guessing alts' direction

JackieHuynh

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