BitcoinShort
Bitcoin is loosing momentum, big H&S in the making, target 10k??
Updated
Bitcoin is loosing momentum, after the last big correction of 25%, from 17.200 to 12.800, it only got 20% than the previous top at 17.200. This correction to 16K (about 21%) is still less than the previous one, so that is positive. It also bounced of a very strong support area (the green area i have mentioned many times before now). So every thing is still very bullish.
However: there are some very important differences now,
- The Future markets of CME and CBOE have started trading bitcoins now with the abbility to short for the first time ever (for the US)
- Alts have been doing it extremely better than the Bitcoin the last few weeks
- The last few days Bitcoin Cash is doing the same it did 2 months ago, at least making the appearance of being a better alternative than Bitcoin.
Bitcoin has much more competitors now than, that it had before.
About the chart, it is staring to make a very big H&S with the neckline being the grean area, around 15.600/15.800. I see the 14.500 as the key level, if it drops below this area (lower green area), than i expect an extreme selloff! From there it could make an even bigger H&S with the neckline at the previous low at 12.800.
Bullish scenario:. it stays above 15.600 and breaks 18.000 it will make a new ATH
Bearish scenario: it will drop below 15.600 and 14.500 tol make an even bigger correction to below the 10K level
I expect it to go to around 17.200/17.500 to make the right shoulder. IF it makes the right shoulder, the lower it gets, the more bearish the H&S scenario will be.
I have just read about the hack on YouBit coindesk.com/south-korean-bitcoin-exchange-declare-bankruptcy-hack/ . Every month these exchanges get hacked it seems and money just dissapears. Like it's nothing. Either they are really getting hacked, or some people are just playing games, causing the sharp selloffs everytime this happens. How easy is it to make money with these inside information. I just don't trust anyone in this crypto world.
However: there are some very important differences now,
- The Future markets of CME and CBOE have started trading bitcoins now with the abbility to short for the first time ever (for the US)
- Alts have been doing it extremely better than the Bitcoin the last few weeks
- The last few days Bitcoin Cash is doing the same it did 2 months ago, at least making the appearance of being a better alternative than Bitcoin.
Bitcoin has much more competitors now than, that it had before.
About the chart, it is staring to make a very big H&S with the neckline being the grean area, around 15.600/15.800. I see the 14.500 as the key level, if it drops below this area (lower green area), than i expect an extreme selloff! From there it could make an even bigger H&S with the neckline at the previous low at 12.800.
Bullish scenario:. it stays above 15.600 and breaks 18.000 it will make a new ATH
Bearish scenario: it will drop below 15.600 and 14.500 tol make an even bigger correction to below the 10K level
I expect it to go to around 17.200/17.500 to make the right shoulder. IF it makes the right shoulder, the lower it gets, the more bearish the H&S scenario will be.
I have just read about the hack on YouBit coindesk.com/south-korean-bitcoin-exchange-declare-bankruptcy-hack/ . Every month these exchanges get hacked it seems and money just dissapears. Like it's nothing. Either they are really getting hacked, or some people are just playing games, causing the sharp selloffs everytime this happens. How easy is it to make money with these inside information. I just don't trust anyone in this crypto world.
Note
First portion is in at 17170, i will add each 50 points it goes up a small portionNote
First test if bitcoin still has strenght or is showing weakness, with this 'small' H&S. Note
Sorry for the late updateI am fully loaded up until 17.500. My stop is stil around 18.000 but if it drops below the 16K again i will lower it to my entry level.
It's showing some strenght that it even got above the 17.500 and reached 17.800 (for the right shoulder. But it's still looking perfect for the H&S scenario!
Note
coindesk.com/ron-paul-fed-led-quantitative-easing-sparked-cryptocurrency-surge/Reality check!
Do not underestimate this man. This man had warned the world in the early 90's for the credit crises than eventually happend in 2008. He should have been President, the world would have been a much better place. I had followed him alot 10 years ago, so i have heared alot he has said. Especially about the US economy. He was just right about everything!! But the main stream media did not want him to be president.
Note
I have lowered my stop to my entry level. I am upp almost 3.000 points now, but i am thinking about even much lower prices, that's why my stop is around 17.300 i have not lowered it to 16.00o (the neckline).
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