The big bounce happened as I said though it dipped a little bit lower than I expected.
Here's my next trading plan. I think this is a BOUNCE; this is NOT a reversal.
So I will open another short position around 8300. And my target is around 6800.
Be aware that whales often do straight up and down movement to liquidate traders who use 20x - 100x leverage. I wouldn't use high leverage when playing with these big boys.
This is my trading plan. You can trade at your own risk.
Here's my next trading plan. I think this is a BOUNCE; this is NOT a reversal.
So I will open another short position around 8300. And my target is around 6800.
Be aware that whales often do straight up and down movement to liquidate traders who use 20x - 100x leverage. I wouldn't use high leverage when playing with these big boys.
This is my trading plan. You can trade at your own risk.
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Seems the short target could be set higher. It could reach around 8600.
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More like this:
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The selling pressure is very high above 8400 and seems no one is buying. I think whales want to push it to 8600 but they may give up if people are all dumping.
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So my original plan works better. The market is broken.
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Another possible scenario
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Now it could go either way. The big dump happened this morning could be a trick for shaking bears out. Be careful if you still have your short position. I would wait for breakout to confirm the direction.
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This looks more bearish than bullish to me. There are a few failed breakout and it looks exactly like the situation right before the big dump yesterday.
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Here we go. Target 7200-7300.
There might be a few bigger bounces at 7800 and 7500 support levels
There might be a few bigger bounces at 7800 and 7500 support levels
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Well, whales are having trouble dumping the price lower. Seems lots of people think 8k bitcoin is a pretty good deal (or maybe whales themselves are buying). Let's see how it goes. Personally I would close my short position if it bounces too high.
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I have closed my short at 8k. I think 7k6 is very likely the bottom for this week. 7900-8000 support is strong and no one's panic selling any more. Whales will need better FUD to bring it lower.
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Bulls and bears are still battling. To be safe, I will wait for breakout to confirm the direction. It looks more bearish though.
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OK The bull wins this time. Waiting for the retracement to enter if you want. Don't chase it during the pump.
We don't trade patterns. We draw them.
By the way, the whale now we are playing with is the old whale who have been always controlling the market. The newcomer has been defeated and now he has to agree the old whale and work together. That was a billion dollar fight.
Good thing is that TA works again when only one big player is controlling the market.