BitcoinSingkat
A rabid selloff in waiting
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Dear Reader,
Although it is entirely possible that a short lived bounce may happen at the lower bound of this symmetrical wedge , please rest assured that once this bound has been breached - a rabid selloff will ensue.
I've set my sights on a final target of about $3500.
Please consider long and short positions as a guide to market sentiment:
Although it is entirely possible that a short lived bounce may happen at the lower bound of this symmetrical wedge , please rest assured that once this bound has been breached - a rabid selloff will ensue.
I've set my sights on a final target of about $3500.
Please consider long and short positions as a guide to market sentiment:
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Those of you who follow the Mt.Gox twitter bot or any of the Gox wallet checking websites will know that the trustee has recently sold a large number of coins. The purchasers of these coins have undoubtedly set their plan in motion. It always comes down to the same thing .. pump and dump .. or dump and then pump. It is the nature of the crypto markets.
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This is the sort of movement I was expecting around $6900 ..Let's see if this play works out
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Ready ?Nota
If we don't drop from here, it means another round of sideways movements ...Nota
This is not a TA principal, just an observation ...These sideways movements, seem to have the effect of resetting momentum indicators. I mean to say that momentum indicators call the bottom, but then price moves in this sideways fashion and causing the momentum indicators to shift upwards - as if an impulse wave were taking place.
Stated in simple terms, we are in the Bermuda Triangle and the compass just spins in a circle. All we have to go on is the study of similar, previous price iterations and the EW rules of complex corrective patterns.
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The market may have revealed its hand. Combo correction wave .. almost over!Nota
Finally moved on from the triangle ... There is an alternative wave count which requires a bounce at $6900, which was brought to my attention. I'll present that in a separate idea.
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Short positions on the rise. Longs are reducing.
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