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- 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 .
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Note: Arrows are directional only. Dates are most important in this chart.
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S2X Cancelled. Great news for bitcoin, but trade still in effect. Watching for more FOMO leading into the weekend, followed by the retrace.
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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
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
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downside targets are ~6200*
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bitcoin dumps love long weekends B-)
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?
Thanks
Will be a very large sell off and drop.
Would people recommend shorting this low and selling on a bounce-back?
Thanks
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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
- 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
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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.
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.
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