E55
Long

The reason why I'm out

BITFINEX:BTCUSD   Bitcoin / Dollar
As you can easily see, the market is currently very shaky. We are in a long downtrend, so I switched to fiat. I also warned you in my last analysis that we were in a big bull trap.

Likewise, the tether bubble causes me pain because it would collapse the entire marketplace. What also bothers me badly is the fact that almost everyone knows and talks about bitcoin             . It has become a kind of mainstream. Earlier situations, such as the tulp or nasdaq bubble have shown, it is then time to keep distance.

How should all the exchanges repay the money to people in a breakdown? How long would it take if they find it difficult to answer the support tickets? What happens when big exchanges get hacked?

Everything will lead to a big chaos, where many will fear for their money. Also, many have forgotten that in march - the month with almost always a negative message - there are regulations of large countries for Bitcoin             .

And what about the prices? In my opinion this is no longer a healthy growth, as anyone with some understanding can see. Many Altcoins, which are either useless or have not even a finished product are with their market cap at such a high level, which is unnatural and makes no sense.

Many people dream to become rich in a year and you can see in their eyes the greed, which leads to see the whole situation with too much optimism and I am pretty sure that exactly the opposite will happen.

BUT:

Of course, I will continue to trade with a small part, but with about 80% of my capital I am out due to the whole situation. Also I am sure that bitcoin             will be worth a lot more in the long term but this year a big and long correction is waiting for us even if some do not want to admit it. For me, the perfect time has come to start from distance with margin trading. If many will think that it was the end of bitcoin             , then the time has come to reenter again.

Kommentar: Check out my comparison between the crashes of Bitcoin today and Bitcoin 2014 and NASDAQ 2000:

Why did you set your 100% fib retracement line at $83? I know
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Cdglax1000316 Cdglax1000316
Hadn't finished typing when I posted. I mean to say *I know plotting fibs and EWs can be somewhat of a subjective practice, which is why I ask. Thanks!
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E55 Cdglax1000316
I only did that in a quick way. Normally you would have to take the lowest point of the impulse.

It is also hard to determine the support areas at Bitcoin. I would rather focus on these areas:

1. $7500-8200

2. $4000-5000

3. $1500-2000

Put as an example several buy orders at the respective targets to get the average at the end.
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you have to try such chart in log. btw bye
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I'm with you...I waited until the weekly crossed before I fill pulled out.

That was a pathetic almost month long bounce attempt off 100 day MA.

Will you play the likely bounce off 200 MA? Or you sitting out for a long time?

The tether sitation is awful.

BTW, Phil Potter has been quoted as saying Bitfinex has $12 billion in assets. They own tether...they could go down with tether.
+1 Antworten
E55 whoisthelorax
As I said I will only trade with 20% of my capital with the rest I am out. Currently i am sitting in fiat because of the shaky situation. I will look for a target at $8000 level.

I will also do margin trading with a small stake.
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Another one noob bites the dust bye!
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bye
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whoisthelorax DukeDinhd6
@DukeDinhd6,

Dude you don't post any TA and you just chase down bearish btc posts with non arguments.

Bye.
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E55 whoisthelorax
@whoisthelorax, He just bought Bitcoin at the top.. I can understand his frustration.
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