Short

Free money, Bitcoin likely direction

Updated

It's all explained in the chart.
I think the probability of 5600-6000 being hit is very high.
I'm going to wait for confirmation, no need to rush.
I'll try placing sell orders right under the 7500ish resistance (with a stop loss right above that) and add to my position once we start bleeding (below 7000).

Note

A nice flash crash and then super quick spike up like we had the 02/02 when btc fell ok. We're in the consolidation now. BTC bleeding hard and lots of people just waiting to catch it.
The next move I believe will depend on what happens the 06 (coingape.com/why-february-6th-is-significant-for-cryptocurrency-market/)
I will be ready to react in case btc makes a move sooner, but its possible nothing happens till then.
From what we saw it's safe to assume a fall to ~5.6 will be followed by a big spike.
Wouldn't be surprised if Macafee got huge orders ready :D
We need bad news but not "too" bad, to get a nice discount on any crypto we ever dreamed of.
I don't feel comfortable opening a short unless we get close to the 7.6 resistance (I can cut my losses if we go over it), or if there's bad news and we start bleeding out (but then, have to open and close quite quick and then buy the dip).

Note

I didn't say this but the 5.6k area is important because:
- This is where we had a bear trap right before going to the moon
- It corresponds to 100% retracement since the start of "the bubble"
- We have been going down stoping at x.6 every time: 9.6, 8.6, 7.6, 6.6
- Alot of TA all point to a 5.6 target zooming out (go check /u/MagicPoopCannon he has post about a huge bear flag as well as a heads and shoulders)

Note

Don't see 6k holding.
We're going dooown. Target somewhere bewteen 5.5-5.6k I guess.
Hope people won't overcut it.
My orders might be too low I was quite conservative.
All my shorts are closed made excellent profits.
That fell faster than I thought faster that last times.

Note

Well gg everything went as planned, except we had some premature bleeding at some point went back up into formation and then it went down to the target zone of 5600-6000.
Time to go long. Can't call the end of the correction but I think it's very possible this is the cheapest Bitcoin will ever be, looking at volumes long term supports, the regulation news that actually matter and isn't random FUD is pretty good (these regulation people have some crypto or what? The SEC guy seemed pumped lol). I'm long now. Some people are waitng for the daily candle to close but I don't need to I'm in front of my computer making sure we stay bullish.
The weekly chart says correction is over also.
I'm not a financial advisor, may everything go your way.
(Didn't mean to post that in comment mb not enoguh sleep)

Note

Free money again.
We are now retesting the 6k area from the opposite side.
With much less momentum.
Bitcoin did not go all the way to 5.5-5.6k last time.
I am aiming for 6.5k. How about this time? Stops short too?
Already shorted a little bit. Will scale in, I want at least 6300 for a "big" entry.
Stop loss maybe 7k. Target 5k first but then trail SL we might be going to 2k.
Problem is it could take a while & funding is ridiculous, but I do have a broker with positivie funding (muahahaha) I will switch there later on perhaps.
It has been over a year. Gosh. Why so long :(

I am excited!

MrRenev

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