BTC - Targets after consolidation.

BITSTAMP:BTCUSD   Bitcoin / Dollar
The Bears will be hunted before the fork.

I know there is new money on its way who also doesnt care about the fork due to interest in investing into my fund.

Hopefully the chart speaks for itself.

Any questions let me know.

Kommentar: We broke out as expected.

Do give a bit more color on the current state of play:

1) Sunday has yielded yet another up day which seems to keep happening to ensure that new money must buy at a higher price on a Monday, whcih they seemingly do. There is real FOMO around with BTC and alot of them dont know, or care about the fork. They are buying both coins anyway so who cares.

2) We arent far away from the shorts really feeling alot of pain. Most of the shorts opened around or just before 7k, infact they started opening about $6500. These guys are being very patient, i really must give them that but what they are now risking is that they are up against FOMO buying and longs who are keen to rat out their shorts before the fork.

3) a short squeeze is likely to occur at $8100 which at the current rate could easily occur in one day.. if this is to happen, we will then see momentum easily take us towards and probably above $9k very quickly.

4) Once the shorts are squeezed and we close in on $10k, this will be the euphoric blow off top. Its psychological resistance, a 10x gain in the year and a perfect spot to short. It will be a huge wick and down we go im not sure where to to be honest, but i will not be in the market to care until i can find a bottom.

Will this happen? I dont know but its seemingly a perfect storm in my eyes.
Its perfectly reasonable that there could be a pull back before this, but as a betting man, im going to work on the basis that finding those stop losses is just going to prove too irresistible for the smart market movers as they are already seriously under water.

I woudl suggest being prudent if you are long and keep stops just below the recent breakout as its possible there will be some serious fuckery going on. Dont catch knives here at all - look for bottoms. Be careful the higher we go, the more euphoric you feel, know that your position is in increasing danger.

Kommentar: apologies for the bad grammar - my keyboard is rekt.
Kommentar: position is hedged until there is a clear direction here.
Kommentar: closed hedge after taking profits on the bounce. No damage to equity.

Marginally bearish right now but need to see how it plays out.

looks like a failed recovery to me right now.

The high of the sept 18th, oct 12, and this recent one have a trajectory leading us to a bit over 8k by the fork. I think we will see an ascending triangle that will break and then the correction will be huge.
filbfilb PRO KevinWatson
@KevinWatson, yes i agree. we are well due a correction but i want the fomo candle, blow off top / short squeeze and im not alone with that! if we push, we push, if we dont it doesnt matter as risk management means profits are secure.
Thanks for very good analysis.

Your final target matches also well to my time@mode 3x-target.

Good luck.
+1 Antworten
@aknnig, you too buddy
Well there is something wrong in market, where ppl are only for the sure gains. It can't last for ever. Every bull run ends somewhere.
@filipnr1, you're absolutely right. we will know when it is time to dump.
+3 Antworten
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