What's up guys, YoungShkreli here
Before I jump in, I want to talk about my style. You aren't ever going to see me draw arrows trying to predict the path bitcoin is going to take - it's completely pointless and stupid. It's a great way to look like a clown. I don't even know if I'm right directionally, how can I tell you the path when I don't know the destination? The only time I would draw an arrow is to point to where I am expecting a drop/rise to take us. Even then, you need to let the chart tell you where it's going. I don't understand why most traders do that, it's just throwing s**t and hoping it sticks. That's not me.
Anyways, we are going to lower our stop-loss to $7900 and lock in about a 4% profit in dollars and about an 8% profit in bitcoin (this is how you grow your bitcoin stack).
To answer the question I've posed above: no, I doubt $7,500 is going to hold. It has been completely irrelevant previously and will most likely continue to be irrelevant. My first target is the green line at $6,900.
I told you guys when I first went short that I was expecting at least 4 heiken ashis to close red. That is exactly what happened... one thing though... I was expecting a bigger fall by this point. I was expecting yesterday's candle to be about a $1,000 candle to the downside. So, I'm hoping we have a larger candle today, otherwise this trade isn't going to be as exciting. It could be a slow bleed, but that would make me question my prediction.
In the last post, I said $5,000 might not be the low for the year. Why? Because everyone is looking at that level (see Arthur Hayes on Fast Money). It's possible to reverse off of Schelling points (look it up), but it's not something that I necessarily expect.
I'm overjoyed that my followers are making good money on this trade with me. I hope that continues indefinitely. If you haven't already, follow me so that you can get my updates immediately, timing is always of the essence. Also, please like my work if it helps you.
Good luck everyone,
-YoungShkreli
Before I jump in, I want to talk about my style. You aren't ever going to see me draw arrows trying to predict the path bitcoin is going to take - it's completely pointless and stupid. It's a great way to look like a clown. I don't even know if I'm right directionally, how can I tell you the path when I don't know the destination? The only time I would draw an arrow is to point to where I am expecting a drop/rise to take us. Even then, you need to let the chart tell you where it's going. I don't understand why most traders do that, it's just throwing s**t and hoping it sticks. That's not me.
Anyways, we are going to lower our stop-loss to $7900 and lock in about a 4% profit in dollars and about an 8% profit in bitcoin (this is how you grow your bitcoin stack).
To answer the question I've posed above: no, I doubt $7,500 is going to hold. It has been completely irrelevant previously and will most likely continue to be irrelevant. My first target is the green line at $6,900.
I told you guys when I first went short that I was expecting at least 4 heiken ashis to close red. That is exactly what happened... one thing though... I was expecting a bigger fall by this point. I was expecting yesterday's candle to be about a $1,000 candle to the downside. So, I'm hoping we have a larger candle today, otherwise this trade isn't going to be as exciting. It could be a slow bleed, but that would make me question my prediction.
In the last post, I said $5,000 might not be the low for the year. Why? Because everyone is looking at that level (see Arthur Hayes on Fast Money). It's possible to reverse off of Schelling points (look it up), but it's not something that I necessarily expect.
I'm overjoyed that my followers are making good money on this trade with me. I hope that continues indefinitely. If you haven't already, follow me so that you can get my updates immediately, timing is always of the essence. Also, please like my work if it helps you.
Good luck everyone,
-YoungShkreli
Trade active
I'm really expecting today to be a big selling day and we just broke $7,500. I am not expecting the price to really go above the recent highs. Already, if you would like, you can lower your stop to $7850 and lock in more profit. I'm expecting people to turn bearish quite soon. Thanks.
-YoungShkreli
Trade active
Lower your stop again to $7,800. I'm disappointed a little, I thought today would produce far more selling. Update tomorrow.-YoungShkreli
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.