Bitcoin (BTC) Called the top, another drop likely after rally
Updated
From my last calls, I have said at the 7200 that we were near the top, which was 100 points away from the actual top. My mistake was believing a bounce at 7000 and once that failed, I have been short from the upper 6700s.
Consolidation at support is not a good sign, even with the RSI showing a bullish divergence. I am expecting we retest 6550-6600 before dropping below 6000.
Therefore, short from 6550 to 6600.
Stop loss:
6730
If you look at the drop from 8500, you can see a similar pattern with the RSI showing a bullish divergence and after a double top we get continuation. That is what I expect to happen here. I believe we will drop out of the triangle into accumulation similar to 2014. I am not sure what the bull whale was doing, as he collected thousands of BTC from the 6900 levels.
If we get true capitulation, you may expect a low of 34 dollars per Ether. I am short on Ethereum also.
Notice the similarities. You may try to long the bounce that will likely happen and short the top. I have already been in a good short position so I will be adding during the top.
It will take a huge push to start squeezing the shorts again.
Thanks for viewing! I will respond to all your questions.
Consolidation at support is not a good sign, even with the RSI showing a bullish divergence. I am expecting we retest 6550-6600 before dropping below 6000.
Therefore, short from 6550 to 6600.
Stop loss:
6730
If you look at the drop from 8500, you can see a similar pattern with the RSI showing a bullish divergence and after a double top we get continuation. That is what I expect to happen here. I believe we will drop out of the triangle into accumulation similar to 2014. I am not sure what the bull whale was doing, as he collected thousands of BTC from the 6900 levels.
If we get true capitulation, you may expect a low of 34 dollars per Ether. I am short on Ethereum also.
Notice the similarities. You may try to long the bounce that will likely happen and short the top. I have already been in a good short position so I will be adding during the top.
It will take a huge push to start squeezing the shorts again.
Thanks for viewing! I will respond to all your questions.
Note
Note
Note
Move down your stop loss slightly above the drop point.Note
Ethereum is looking very weak. You may short with a good entry price.
(200+)
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