Short

Updated

Bitcoin

My thoughts on BTC, heading down towards 2200-2300.

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Potential retracement adjusted to 2525 USD

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We did go a little higher maybe still room to hit old TP of 2575 USD?

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TARGET HIT SELL!

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If we dont break early, this is what it should follow!

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If we go above 2630 we are heading to 2700 area, lets see how this plays out.

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One more chart maybe easier to read

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BTC correcting now, Buy back lower.

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cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

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New chart

Bitcoin - The Inverse Head and Shoulder Scenario

Trade closed manually

Trade active

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H&S failed. My chart still seems to follow in uncharted area.

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I want to make a very clear statement, holding margin positions is now dangerous. Have a read on this article, this happened on Ethereum on GDAX Exchange. The possibility that these sell offs of a mega whale can happen is present for all pairs that are being margin traded. I think this is bad news since the market is is kind of overbought/toppy and other longterm holders might decide to do the same or are scared that even their margin gets liquidated.

Very useful read: media.consensys.net/why-the-gdax-ether-flash-crash-isnt-surprising-and-what-it-means-for-crypto-2618c98779f6

At this point in the market I won' t be opening any margin positions anymore. Gains are better but losing all is just terrifying.

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I made this Weekly chart to better understand what the larger time-frame and momentum could be doing. We did create the cup, but if it doesn't break up I'm afraid the Inverse H&S won't be strong enough. Double top could be possibility, but I wont be going for a new ATH this year.

TheTrex

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