Bitcoin has chosen it's fate... get ready to play it!

30 mar 2018

Well, I posted my trendlines and my pennant, showed the inverse head and shoulders and mentioned the head and shoulders that Magic Poop Cannon had pointed out, and told you to place stop losses; I had mine set for 7660, which was about $50 under my trendline. While I admit that I thought Bitcoin would rally, I still made a point of setting my stop-loss just in case I was wrong. As it stands, BTC struggled, wavered, and finally fell through, falling over 10.7% since that stop-loss (still need to register for an exchange that lets me short, pity I missed this chance). Should we fall back to the base of the pennant, we would be set to revisit prices of roughly $3000, but I would be a little more cautious in trying to call the market bottom. I haven't checked out the Fibonacci's to look for support levels, but a clear support level would be the 2/6 low of $6000. I don't know if it's the wisest idea to short, as it is a little bit late, but feel free to do as you see fit. I would wait for oversold conditions in the daily RSI before considering to start longing again. However, never forget the most important rules of trading - stop losses and risk management before profits!