New Buyers Prepare to be Baptized in the Fire

BITSTAMP:BTCUSD   Bitcoin / Dollar
  • Coinbase is adding 100k users per day.
  • New buyers will enter before the fork to get 2x coins and avoid the burden of deciding which coin to hold.
  • These new prefork buyers are guaranteed to hold through the fork (~Nov 16) come what may.
  • Friday, Nov 10 is a bank holiday.
  • Bitcoin dumps love long weekends. 3 days during which bank deposits cannot come through to provide buy pressure.

Long through this week, then looking for a massive retrace starting on Thursday, Nov 9 that will trap new buyers and expel weak hands. Whales will re-enter for their prefork coins sometime shortly before the 2x fork.

Gotta love bitcoin             .
Kommentar: Note: Arrows are directional only. Dates are most important in this chart.
Kommentar: S2X Cancelled. Great news for bitcoin, but trade still in effect. Watching for more FOMO leading into the weekend, followed by the retrace.
Kommentar: blowoff top looks like it hit just shy of 8000. green arrow was a bit optimistic. weekend retrace seems in effect. good place to catch a bounce coming up here pretty soon.

immediate downside targets are ~6500. if weekly closes red on sunday night, downside opens up to 4500-5000. Nov 16 date no longer as relevant for entry so play accordingly.

good luck
Kommentar: downside targets are ~6200*
Kommentar: bitcoin dumps love long weekends B-)
Nailed it.
ptbrodie Brodie_MT
@Brodie_MT, still watching
Brodie_MT ptbrodie
@ptbrodie, nailed it.
ptbrodie Brodie_MT
@Brodie_MT, not enough blood yet. still got a whole weekend
Thanks for your opinion, I agree, I think the amount of FOMO going into this rise is shocking. Poor new people.
Will be a very large sell off and drop.

Would people recommend shorting this low and selling on a bounce-back?
Sounds logic. I expect a drop before S2X for the following other reason as well:

- Massive profits have been accumulated and conservative, larger longs will want to book the profit before uncertainty kicks in with S2X - underweight
- Volatility will increase which will force a lot of FUD fires sales and weak hand actions from new high street fiat money
Here's hoping!
+1 Antworten
If that plays out - you're a genius.
And that scenario is well deserved, I pray it happens!
All that greedy pig-like behavior of panic buying non stop in crazy rising rates, thinking bitcoin will go up in a linear line with no major correction...
It screams for an unexpected big nasty crush, to make the piggy buyers - panic sell and lose their money to the whales.
I haven't seen such a greed-rush in my life.
+6 Antworten
zxmaster hamora
@hamora, he he. True story.
+2 Antworten
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