Wait, I don't get free coins anymore? Dump those BTCs.I made this chart yesterday, but things got messed up and the fundamentals have changed as 2X got cancelled. Here is the old one where I was able to short the top, which doesnt happen often:
Top reached, run for those alternatives! Had real good timing :)
Don't get trapped, be smart. In the latest days I have seen so many switching their views on Bitcoins direction. "A new entity has taken over" I read from some trader for example.
Bitcoin is a market that behaves after supply and demand like the rest. I will be shocked if we see more demand than supply over the next 10 days.
Fundamental
No more free coins, that's the reason we are dumping.
However, I have much more bullish view on BTC now as opposed to pre-fork. Core won the battle, and BTC will remain king.
The market was about to take a huge dive regardless of what happened to the fork. Either panic or no free coins.
But, I am looking at my buy area as more unlikely now and may decide to buy when I close short. Will keep updating this idea.
Technical
We have completed 5 waves, and its time to get a correction.
I am looking at the 0.618 as a perfect place to close out short (5250 USD).
If we look at the trendline it gives us a nice place to open longs. Right between 0.5 & 0.382.
Numbers
Short: 7800 USD
Close Short: 5250 USD
Buy: 4600 USD
