Bitcoin - Broader Structure and The $32K Breakdown Target
Last time, I posted an idea about Bitcoin's shorter term structure. I was scaling into a short position, and ultimately decided to close when I noticed strong support continuing to hold. This ended up being a good move, since price pushed higher towards 108k. There's a lot of resistance here in the low 100K range. While a notable milestone, it's a hefty price. More and more, Bitcoin is being seen as a tool for exploitation and wealth concentration for the wealthy, rather than something for the masses. Although good for price, this is not in keeping with the original intention behind the technology, or so we are led to believe.
I tend to generally post short ideas now because I do not support buying Bitcoin, which serves only to enrichen a select few, and no longer benefits the little guy. Sure, it could benefit ME in the future, but that feeds further into greed and selfishness, which are the human flaws at the root of many market inequities, fallacies, and injustices. For more on why I changed my perspective on crypto, there are tons of ideas I've posted over the years to pull from. It essentially boils down to this: When I was young and naive, I believed crypto could be an escape from the established financial system. In many ways it is, if you like gambling on memes and adrenaline coursing through your veins. But on a broader level, it's been co-opted by the same forces that control our traditional markets, institutions, and to an extent, our wellbeing. More and more, crypto seems to fit into a neo-feudalist dystopia, rather than a free-flowing renaissance utopia.
Earlier this year, I closed my original short positions when it seemed likely for Bitcoin to surpass its previous all time high. Now that price has hit a major milestone, altcoins have gone up 500-1000%, and gloating is abounds, it's time for me to re-enter my short. Now, I'm not looking to profit massively from this. It's a small position. But, I am of the belief that there is a non-negligible probability that Bitcoin will enter a longer term bearish trend. Whether it's now or at 160k, who knows?
If this trendline can break decisively (it's held very well so far, even when price drops below), the next stop seems to be around 89k.
From there, a bounce would be bullish. My green arrow shows the possibility of rally resumption if that level holds as strong support. On the bearish side, the previous all-time high is the next major level, followed by 32k if the entire support structure falls apart.
Markets are starting to wake up and understand that inflation isn't going away quickly, and monetary policy won't be as easy as it was. A lot of fluff needs to get weeded out. Unfortunately, crypto doesn't have much SUBSTANCE to it (meaning goods, resources, and services) attached to it.
As always this is meant for speculation and entertainment only! Thanks for reading.
-Victor Cobra
I tend to generally post short ideas now because I do not support buying Bitcoin, which serves only to enrichen a select few, and no longer benefits the little guy. Sure, it could benefit ME in the future, but that feeds further into greed and selfishness, which are the human flaws at the root of many market inequities, fallacies, and injustices. For more on why I changed my perspective on crypto, there are tons of ideas I've posted over the years to pull from. It essentially boils down to this: When I was young and naive, I believed crypto could be an escape from the established financial system. In many ways it is, if you like gambling on memes and adrenaline coursing through your veins. But on a broader level, it's been co-opted by the same forces that control our traditional markets, institutions, and to an extent, our wellbeing. More and more, crypto seems to fit into a neo-feudalist dystopia, rather than a free-flowing renaissance utopia.
Earlier this year, I closed my original short positions when it seemed likely for Bitcoin to surpass its previous all time high. Now that price has hit a major milestone, altcoins have gone up 500-1000%, and gloating is abounds, it's time for me to re-enter my short. Now, I'm not looking to profit massively from this. It's a small position. But, I am of the belief that there is a non-negligible probability that Bitcoin will enter a longer term bearish trend. Whether it's now or at 160k, who knows?
If this trendline can break decisively (it's held very well so far, even when price drops below), the next stop seems to be around 89k.
From there, a bounce would be bullish. My green arrow shows the possibility of rally resumption if that level holds as strong support. On the bearish side, the previous all-time high is the next major level, followed by 32k if the entire support structure falls apart.
Markets are starting to wake up and understand that inflation isn't going away quickly, and monetary policy won't be as easy as it was. A lot of fluff needs to get weeded out. Unfortunately, crypto doesn't have much SUBSTANCE to it (meaning goods, resources, and services) attached to it.
As always this is meant for speculation and entertainment only! Thanks for reading.
-Victor Cobra
Zlecenie aktywne
Short from 103kZlecenie zamknięto ręcznie
Closed at 96.5k. So far, got fairly close to the downside target with a decent bounce. Will see how it looks by the end of the day. Can always retrace, but I don't want to keep positions open indefinitely in this market. May try and long some alts. Some got pretty severely beaten :P
Uwaga
By downside target, I mean the initial one. The overall bullish structure hasn't broken down, so no use fully targeting something like 32K yet, though I think it's on the table if the market tops out soon. Uwaga
I ended up reopening around 95k on Friday. That push to 100k was instantly sold. Looking for a push to grab some liquidity downwards. Will stop myself out likely if price can break and hold above 96k again. Uwaga
Just noting that I did end up stopping myself out of that trade. Currently waiting for other opportunities and focusing on work. 
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Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.