Bitcoin bounces off of $7,300. Am I bullish? Hey everyone, YoungShkreli here
As you all know, I've been bearish since $8,200. However, I was expecting more volume and wasn't expecting us to go back to $7,500 so soon after we had broken that level. Is YoungShkreli a bull now?
No, YoungShkreli is not a bull. No trade is ever going to be perfect and this is just another imperfect trade. As you can see, I've lowered my stop-loss to $7,750. It's extremely important that you all lower your stops as the trade progresses because you always want to lock in as much profit as possible and since we are profiting while bitcoin is losing value, our bitcoin gains are massive. More than you want to increase your USD stack, you want to increase your BTC stack and we have done that. A dollar will never buy you a lambo. One day a bitcoin will buy you a lambo. It might not be the most expensive lambo, but it will be a lambo.
Another thing you'll notice is that we have more volume today than yesterday, yet the price isn't being completely crushed. This is unfortunate and causes me to suspect we might have a pullback somewhat soon. Something else that makes me suspect a pullback is coming is that fact that we have closed 6 daily candles in a row red. This is very uncommon, most of the time you may get 2 or 3. 6 is rare. This doesn't mean a green candle has to come, it just suggests that since a pullback hasn't come yet and we haven't gone way down, it might be coming soon.
I will be bearish on bitcoin until we break the previous high (around $10,000). That doesn't mean I will be short the whole time, if we have a green candle flip, then I will buy as per my strategy, but I will still be expecting lower prices even if this move goes back above $8,000.
If my posts help you, please like my work and follow me. Once this channel has around 10,000 followers, I will make a YouTube channel and you guys will get a lot more of my help and attention. Right now, I can't really do too too much for you guys because I can't make any money from <100 people following me. I need a real audience before I'm going to spend my time doing this in a serious way. Trust me, you want me to do that, It would help everyone tremendously.
Thanks so much guys,
-YoungShkreli
