Hello, I called short on bitcoin at Christmas,
It was basically because wall street launched it's CME futures.
Now bitcoin has dropped but while it dropped it has made a very nice pattern.
A pattern that is well know to the hardcore bitcoin traders
I thought bitcoin would go way deeper but it has found some very strong resistance at the 6000$ level.
It's a resistance that is a little bit higher than the last one in november 5300$ or something.
It is also very notable that bitcoin price is settled fake, it has been before the CME futures and now with the futures as well.
If on bitfinex there are multiple sells of bitcoin in ammounts of 30+ and almost no buys and the price goes up this is something that is not on the way it's supposed to be.
On the otter hand I am pretty sure 80% of these hard sells even if bitcoin goes up is made by the banks who print money out of thin air. It's very disgusting how they started after the 2008 creditcrisis to make things even worse, bitcoin was made because banks have a bad attitude towards money value, so it makes sense for bitcoin to put up it's middlefingers towards the banks. Also A short position if bought up by somebody else it makes sense the put position loses value. So for all the bitcoins to be shorted in the past months someone else could have bought them over.
Also if short positions are closed it means it has no more influence on the price of bitcoin so it will highen the bitcoin price. This could give bitcoin a very hard spike as soon as it's breaking out upwards.
Bitcoin could however still be in it's bearform for more months and just make a little spike to 14k or something.
Bitcoin could also be banned worldwide and plumb to the ground if it goes back up and the FED and ECB dont' like it.
Or it's just a bull trap?
It was basically because wall street launched it's CME futures.
Now bitcoin has dropped but while it dropped it has made a very nice pattern.
A pattern that is well know to the hardcore bitcoin traders
I thought bitcoin would go way deeper but it has found some very strong resistance at the 6000$ level.
It's a resistance that is a little bit higher than the last one in november 5300$ or something.
It is also very notable that bitcoin price is settled fake, it has been before the CME futures and now with the futures as well.
If on bitfinex there are multiple sells of bitcoin in ammounts of 30+ and almost no buys and the price goes up this is something that is not on the way it's supposed to be.
On the otter hand I am pretty sure 80% of these hard sells even if bitcoin goes up is made by the banks who print money out of thin air. It's very disgusting how they started after the 2008 creditcrisis to make things even worse, bitcoin was made because banks have a bad attitude towards money value, so it makes sense for bitcoin to put up it's middlefingers towards the banks. Also A short position if bought up by somebody else it makes sense the put position loses value. So for all the bitcoins to be shorted in the past months someone else could have bought them over.
Also if short positions are closed it means it has no more influence on the price of bitcoin so it will highen the bitcoin price. This could give bitcoin a very hard spike as soon as it's breaking out upwards.
Bitcoin could however still be in it's bearform for more months and just make a little spike to 14k or something.
Bitcoin could also be banned worldwide and plumb to the ground if it goes back up and the FED and ECB dont' like it.
Or it's just a bull trap?