BYBIT:BTCUSD
Contrary to popular belief, Bitcoin still has a trick or two up its sleeve and I believe that the bottom may be FAR from in. As you can see, Bitcoin is currently in a massive symmetrical triangle on the 1D chart, flirting with flipping a long time horizontal support/resistance zone bearish. Due to the length of consolidation here, it seems to be clear to me that distribution is taking place at this resistance and we are on the verge of another cascading selloff.
With that said, the most profitable path IMO is being short here until the blue trend line around $3850, obviously cutting much deeper than most think is possible. This is how the bankers steal your Bitcoin before we make another run at an ATH later this year (Nov-Jan 2020 will be a VERY interesting time in this market) potentially up to $30k or so.
Bitcoin doesn't normally give Retail this much time to accumulate before another parabolic run up and right now thats what most think is happening. Time to fade this 4 month rally into the ground and go back to being a bear. Winter is coming and don't get caught offsides.
- PennyBag
Contrary to popular belief, Bitcoin still has a trick or two up its sleeve and I believe that the bottom may be FAR from in. As you can see, Bitcoin is currently in a massive symmetrical triangle on the 1D chart, flirting with flipping a long time horizontal support/resistance zone bearish. Due to the length of consolidation here, it seems to be clear to me that distribution is taking place at this resistance and we are on the verge of another cascading selloff.
With that said, the most profitable path IMO is being short here until the blue trend line around $3850, obviously cutting much deeper than most think is possible. This is how the bankers steal your Bitcoin before we make another run at an ATH later this year (Nov-Jan 2020 will be a VERY interesting time in this market) potentially up to $30k or so.
Bitcoin doesn't normally give Retail this much time to accumulate before another parabolic run up and right now thats what most think is happening. Time to fade this 4 month rally into the ground and go back to being a bear. Winter is coming and don't get caught offsides.
- PennyBag
Trade closed manually:
Closed this as equities are continue to ignore economic reality and sell off after sell off has been bought up with fury. Neutral until we get a break one way or the other.