Short

Big Bitcoin Dump VERY probably - Watch out BTC BULLS!

Updated

While on 1 week we are bullishly in a falling broadening wedge, the smaller time frames point towards a big dump towards low 40K zone.

Let me explain:

We are in a bearish long term rising channel on daily Timeframe. We did not break the 200 Moving Average and printed consecutive DOJI candles right below that crucial MA, which shows indecision but also a likelyhood to reverse the upwards trend.

The RSI Relative Scrength Index shows bearish divergence on multiple Timeframes, signaling Bulls getting weaker.

Look also at BTC Dominance. It shows a long term bearish rising wedge on WEEKLY Timeframe. Additionally on 4 hour Timeframe, it appears to be forming a bearish Head and Shoulders pattern right above the 200 Moving Average. This indicates that bearish strength is being accumulated to possibly break down hard below and break that MA. Once BTC Dominance goes down, so will the price of Bitcoin.

Further, most people forgot the MT. GOX Bitcoins that were supposed to be sold in July. What happened? Not much yet apparently, but many of those will be up for sale adding to more bearish pressure.

Though mostly bearish signals at the moment, we never know with BTC. I believe it will be a short and quick heavy dump but then we will witness a significant spring effect that will kickstart a new bullish upswing. The bull market is not over in my honest opinion.

Trade safe.

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60k support zone looking kinda week. I think it will break down soon despite the bullish divergence on smaller timeframes. Current price 60328.

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Current price 62224 on October 9th. The bullish divergence at the daily TF 50 Day Moving Average Support held and thus Bitcoin went up to 64800 zone, where it re-tested the daily TF 200 Day Moving Average resistence. Bitcoin was denied breaking this strong resistence. In this brief uptrend it created a bearish rising wedge with volume going down instead of up and it broke downward. Several bearish engulfing candles formed along the way. I am still seeing a big dump coming up and believing in my Technical Analysis above. Possibly Black Swan incoming thus be careful.

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Also Bitcoin perfectly re-tested my red resistence trendline seen above at 64800 and was denied. I think we are primed to break 60k on the next leg down.

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Also so you understand why 60k did not break on the first attempt is due to a so called "leverage driven pump". Released on October 7th by tradingview and cointelegraph, you can find the article here:

tradingview.com/news/cointelegraph:de2a30b7f094b:0-definition-of-a-leverage-driven-pump-5-things-to-know-in-bitcoin-this-week/

Everyone ready for Up-tober... what could go wrong right? ;)

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Doubling down on my Short position here at 65000!

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Still in my short and still believing in my technical analysis. BTC is testing the strong resistence level shown with the green trend line and I do not think it will break. US Dollar keeps going up. Bitcoin Dominance almost 60%. Current price near 68000.

In my opinion an Epic Dump is incoming.

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Food for thought: We may be in a bearish rising wedge pattern that started on the August 5th candle until today October 16th.

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Patience is key and low leverage is key in trading. Still expecting the big dump. Startng to look like a big rising wedge now. Just tilt that upper red trendline slightly upward and you will see this beauty.... If this weekly candle closes as a red "hanging man" then be very cautious if you are a bull....

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My opinion on current crypto market: I believe the last leg up is about to happen to Bitcoin. Maybe 69000 to low 70s.. Current price 67700 on 10/27/2024. I would not be surprised that today (Sunday) the weekly candle gonna close as a bearish hanging man. People may see it bullish because the candle close will be above the green long term trend line as above in my chart. However thats when I believe the big dump will happen. October 28 to Oct. 30sh? Bitcoin Dominance probably reached its high at 60% and likely will retrace, bringing Bitcoin down too. Altseason may be just about to start.

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This last leg up could be like a final brutal liquidity grab.

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Everything happened exactly as I desribed above two days ago.

Current Bitcoin Price 71155.5 on 10/29/2024.

I'm ALL IN SHORT here Ladies and Gentlemen. Went all in and waiting patiently now.
Bearish divergence on daily chart. Dump may start today or tomorrow, October 30th.

And for some odd reason, my intution tells me that less-favorte Kamala Harris might win the election that will further create a huge Cryptomarket Dump...

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Are you all still with me? Alive and well here, waiting for election results

Trade active

This upper 75k region is limit where I am keeping my short alive. If it continues to go up significantly with bullish momentum, then I will be closing my short at a loss. This is how trading goes sometimes, but you gotta have your prices for wins and losses set. If this turns out to be a rising channel that started from beginning of August 2024, then the upper 75k region would be the top. I dont have this bearish rising channel depicted in my chart however, since I drew the trendline later. Current price 74600. (Added to my short, but again walking a thin line now). Fingers crossed.

BTCeer

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