Bitcoin (BTC) Déjà vu. Final rally to 6900 before drop below 6k.
Updated
The past 4 days I have had a 24% increase to my total trading capital. I strongly feel like this is similar to the 7000 rally, where we kept getting new highs with the bearish divergence.
Do not open any big longs in this area. You may get something like a 4% profit, but that will be wiped out in a day when we drop. Set a tight stop if you want to scalp long. If it gets hit, just let it be. Attempting to open new longs in this range is dangerous.
Right now we are near the short zone of 6900. It looks like Bitcoin may want to correct to the 6600 levels from 6750 before moving up higher.
Therefore, open some short positions here. Do not worry when you are underwater. If you opened shorts at 7100, you would have been underwater, but would now be in great profit.
Short
6900-7000
Stop Loss:
7400 (manual). We should not break previous highs. A safer stop would be 7050.
Take profit:
This trade will be manual due to it being a big one. When we drop from 6900, it will likely take us below 6000 for good. There is a small chance of a correction to 6600, but when Bitcoin is 3500, a short from 6900 will be in great profit.
If this trade goes through, just let it run. This will be one of the bigger trades we may hold for months. You can increase leverage/take profit so you can scalp.
If 3500 Bitcoin seems impossible, keep in mind we were at 1000 a year ago. I remember when I joined this market when Bitcoin was sub 4000. 20,000 seemed so far away despite the huge bull rally. Now 3500 seems far away to some despite the strong bearish market.
Thanks for viewing. I appreciate every single like and follow. The past performances of my charts have greatly motivated me to keep posting.
Do not open any big longs in this area. You may get something like a 4% profit, but that will be wiped out in a day when we drop. Set a tight stop if you want to scalp long. If it gets hit, just let it be. Attempting to open new longs in this range is dangerous.
Right now we are near the short zone of 6900. It looks like Bitcoin may want to correct to the 6600 levels from 6750 before moving up higher.
Therefore, open some short positions here. Do not worry when you are underwater. If you opened shorts at 7100, you would have been underwater, but would now be in great profit.
Short
6900-7000
Stop Loss:
7400 (manual). We should not break previous highs. A safer stop would be 7050.
Take profit:
This trade will be manual due to it being a big one. When we drop from 6900, it will likely take us below 6000 for good. There is a small chance of a correction to 6600, but when Bitcoin is 3500, a short from 6900 will be in great profit.
If this trade goes through, just let it run. This will be one of the bigger trades we may hold for months. You can increase leverage/take profit so you can scalp.
If 3500 Bitcoin seems impossible, keep in mind we were at 1000 a year ago. I remember when I joined this market when Bitcoin was sub 4000. 20,000 seemed so far away despite the huge bull rally. Now 3500 seems far away to some despite the strong bearish market.
Thanks for viewing. I appreciate every single like and follow. The past performances of my charts have greatly motivated me to keep posting.
Note
There was a 50 million Tether send to Bitfinex, so one more pump may occur.Note
We have tested 6600 as I called. O3 mentioned the tether could have been used up already which is a definite possibility. The target remains at 6900 but if we break 6600 you can enter short with a stop above.Note
Dump to 6500 on Finex before a quick pump up. They had two fakeouts. They pumped it to fakeout the bulls, then dumped it, then pumped it again. This is crazy price action.
Note
I believe we will head to 6900.Note
Either way these stop hunts are honestly terrible. They use your market stops to fill their own orders and profit off you. This is crypto, so all this is legal.Note
If we do not break back into the trading range we will test 6600 for real.
Note
This is what happened last time. Notice how it plays out the exact same way because the big money uses the fib algo.
Note
Support at 0.5, fail to break 0.236, then test 1.272 before moving up. That suggests we may hit 6500.Note
I am now short. We failed to break 0.236, will take profit 1.272.
Note
This is how I am currently viewing the chart.
Note
My short is locked in for 0.4% profit. Most my money is free right now. I am waiting for good setups on XRP that have almost no risk and good reward. In comparison I have made 5% and 4% today on XRP with a very good stop placement using fractals.
It is much easier than Bitcoin that just had a double stop hunt.
Note
This looks like a stop hunt. We hit a stop cluster and had liquidations on Bitmex. Long here and have a stop below the wick.
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