Bitcoin has bounced - is it a buy??Hello all,
I don't think any of my followers would be amateurish enough to short at support, but let me just say: DON'T short at support. Don't be the first knight to take an arrow to the knee trying to storm the castle. Wait to see how the market reacts. Short at resistance.
With that said, there is no reason for me to believe this bounce is anything. I would be taking it as an opportunity to short. This is where you should be looking to short if you haven't already - or where you are adding to your position. Don't add at resistance, wait for a bounce.
I am shorting this bounce and I think everyone should be (if you want to make money - some people don't seem to). We are at resistance and are unlikely to go much higher up. We are still bearish in the market overall so this lines up well with our overall views. Often after a weak sell-off, there is a weak bounce. This weak bounce basically gives the market a second chance to sell and it's usually a bigger deal than the first time. This next sell off should take us below this resistance line or at least to the $6,000 area.
If I have been helpful, please like my work and follow me, it helps us both.
Thanks for reading.
-YoungShkreli
