Short

Updated

Bitcoin to 6k ish

Trend is still down, Bear market rally unless proven otherwise.

If bitcoin reaches 42k, and proves me wrong, then a regular bull market correction of 32% will bring bitcoin back to 28k, where I can hop right back in where I sold, and not miss a thing.

Anyway. waiting for 6k.

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Most people responding are angry at the idea of under 10k. Thats telling.

All the trend has to do is literally continue for it to happen.

The 3.5k to 69k move may have been a greater 5th wave, which could, be entirely, or mostly, erased.

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Going according to plan, so far.

To be clear, I am willing to go long before 6k if I see the right signs. I see possible scenarios where 21k is bottom, or 17k.

However, If the lows are lost, I believe 6k is next.

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23k in no time.

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Everyone convinced the lows are in, ready to buy every pull back. This could rek many many people.

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Do not underestimate how many people are holding heavy bags which will use this rally to sell at a lesser loss.

Do not let anyone tell you that max pain is up.

Max pain is always down.

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I feel as if the 4 hour chart is best suited for the current structure.

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We also have a cross on the daily. with first bar of negative momo

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Pair this with most youtubers and twitter folks calling for 50k+

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So we did the pumpy pumpy first.

Im not scared till we break to new highs.

As matter of fact, i took the opportunity today to double down on my short.

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Frankly, If we do not break down within 16 hours, I am going to have to rethink all of this.

I do believe the breakdown happens tonight while everyone is sleeping in NA

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A situation which I believe was similar in 2019.

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the DXY looks bottomed to me, if ever, then now....

Otherwise we break to new lows below 100....

Time to shine.

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This is the main reason I hate shorting bitcoin. I would have been stopped out if this was regular market hours.|

Anyway, seems I was saved by luck.

This is going to look like one hell of an ugly 4 hour candle unless it swings back up.

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Looks like 29k was the yearly top.

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Vix starting mega moon IMO.

SPX new lows, bitcoin new lows, you know the drill.

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Best inflation hedge = short stonks i guess... feels bad sitting in cash since its devalued.

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168k bitcoin just transferred on chain. Uhhhh.. ???
twitter.com/JA_Maartun/status/1641488856921911315/photo/1

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Keeping it simple. If it passes the white line, then we have another shot to the upside.

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Most likely scenario tbh

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it will be interesting to see how bitcoin reacts to the s&p moving towards 4200.

If it cannot rally under those conditions... thats a sign.

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People talk shit but grayscale bitcoin already went to 6k.

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I remain bearish bias. Although it has definitely been tested.

These types of early biases are always tested to the extremes, it is never very clear.

It would be much easier to wait for direction to be shown, then play the bounce... but also less profitable.

I do not have a short position currently, as it was closed at the partial decline. I have not re-shorted because I cant reasonably be asked to hold BITI over a weekend.

That being said, if we begin to break up this weekend... bias will have to change.

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Ive had messages asking how ever 6k?

Well, what happens to MicroStrategy if the price of bitcoin goes below a certain point?

Thats a lot of bitcoins. 130k or something. Then the govt selling 42k more, then mtgox? then eth unlock? then the recently bankrupt companies liquidate?

It could get real ugly real quick. Better hope this isnt the top cause look the fuck out below.

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Dogecoin scam pump not a point for the bulls.

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Cross is becoming more cemented, more convincing.

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Even if you think bitcoin will go lower than these targets you can still play a bounce.

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CZ of binance has roughly 120 million out of 1 billion left to prop this ponzi up.

Reminds me of when others had "god" syndrome in this market.

Never ends well, but does delay price decline. In the end, it actually makes it worse when they are forced to capitulate and end up in prison.

Meh. Waiting.

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This idea is aging bad. I entered a position in coinbase. Moon soon.

Was worth a try!

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Anyone still short deserves to lose their money.

MikeMM

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MikeMM