Jamie Dimon 2.0 - BitcoinSept 13th - Jamie Dimon makes a public statement that Bitcoin is a fraud.
Price immediately plummeted 30% into the low $3000 range.
Oct. 31st - CME Futures Annoucement
Price rocketed ~220%; sending us to our current all time high just shy of $20k
Nov. 17th - CME Futures Launch
Immediate collapse of ~43% at the time this article is being written.
This was all predicted in my CME Conspiracy Theory here:
youtu.be
Now the question is, where is support?
Is $13,000 the new bottom?
or are we heading to the next support at 10k?
IF the daily closes above $13,000, I would expect a decent bounce none the less.
If the $13,000 level fails, I will close all positions/orders and wait for the next support level.
Which is appearing to be 10k atm.
Additional possible support levels are also shown on the chart above
IF history repeats itself and one of these two levels are truly the bottom.
Is another 550% possible?
Time will tell will story.
Please trade carefully.
note: I lost a great deal of money in this dip. I refused to follow my own technical analysis and it has cost me dearly.
Let my lesson reflect onto you. Do not let emotions get in the way. You cannot make the market do what you want. You must be dynamic and react accordingly.
I wish you all luck!
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Jamiedemon
BTCUSD: UpdateSideways action here...I'm waiting for fundamentals to evolve, the chart shows mixed signals that could develop into both a downtrend or an uptrend with equal chance...a bit leaning towards uptrend due to the long term chart, and also the poor follow through to the downside recently. Other than that, I don't yet have a good enough low risk setup here, so, I chose to wait in cash for now. Keep an eye out for the dates on chart.
I can think of a few possibilities, a bullish scenario would be if suddenly the SEC approves the Winkledudes ETF, which could result in everyone forgetting about the China regulatory crackdown risks, and cause a massive short squeeze rally. A bearish scenario would be if we don't get any new positives, and China confirms eventually that they are banning everything, and we see an increase in oversight everywhere, with maybe the CTFC and the SEC making US investors' life hard. The timing for this to unfold will be slow and painful, probably, since China won't make any official remarks, or at least it is unlikely to do so, before 1 month after the end of the Communist party congress, which takes place during October.
Let's wait and see...
Cheers,
Ivan Labrie.