A shorting paradise: next target is 5.5k

[STT]

lower highs

I see the recent lower high and thought it could prove a fair signal to watch carefully. I dont know its formed comprehensively enough to say 5.5k target is fair as a consequence but for some reason your chart seems fairly clear in that idea yea.

[KTChampions]

I am skeptical about TA - for some reason, 2 adherents of this method from one graph can make 3 completely different forecasts 
In this case, I agree that the short looks very good now, but not in such timeframes (July-August). A big move should happen much earlier.
In the event that you are right, there is a question: is it too expensive to hold a position based on your forecast for so long? It is possible that potential profit will be "eaten up" by the payment for holding a position for such a long time.

[exstasie]

Wow. I would laugh hard at anyone trying to short this back to $5k haha, OP must be thinking a brand new global pandemic is gonna hit as this one starts winding down in the next few months.

Not a laughing matter to me. I had similar confidence as a bull in October 2019 and February 2020. Smacked down both times, no higher highs. Let's break $10.5K before laughing at bears. I'm a little uncomfortable with how many bulls have been declaring victory before breaking the year-long bearish structure. George W. Bush "mission accomplished" vibes going on.

Somewhat unlikely we see the scale of panic seen in March, that's true. However as long as we stay inside this 2018-2020 contracting range, the $5,000s still look very possible:

Here is one guess based on price action in 2015:

[Bossian]

Wow. I would laugh hard at anyone trying to short this back to $5k haha, OP must be thinking a brand new global pandemic is gonna hit as this one starts winding down in the next few months. But hey I'd love to see the OP put his money where his mouth is, sure he'll lose a bunch of money but if you're gonna make a ludicrous prediction (and call it obvious no less!) you should follow through with it!

Gotta love when people draw random lines on a chart to say there will be a massive sell off for no reason.

Just a few posts above there is your proof, post #26.



Time of this post: BTC trading @ $9067.


Today, we saw a Bitcoin @ $9002, from this point, my use of the Elliott Wave theory indicates a possible bounce back to $9442 (using Fibonacci).

Of course this doesn't go against my middle term bearish target. I probably won't open a quick long just for this (too tricky) but curious to see if this plays out. Then from $9442 area we should finally consolidate below $9000 to continue the downtrend, the drop in end of May/beginning of June should be much sharper than what we witnessed during the last few days.

$7800 should be reached in a few weeks.

4 days ago I posted about this 9.4k target, right now Bitcoin is trading at 9.2k, and there is clearly a last bullish trap to liquidate all shorts up to maybe 9.8k?

9.8k is still possible, or 9.4k (depends which Fibonacci figure we trust), after that the real crash should begin. Hold tight 

[Taskford]

Wow. I would laugh hard at anyone trying to short this back to $5k haha, OP must be thinking a brand new global pandemic is gonna hit as this one starts winding down in the next few months. But hey I'd love to see the OP put his money where his mouth is, sure he'll lose a bunch of money but if you're gonna make a ludicrous prediction (and call it obvious no less!) you should follow through with it!

Gotta love when people draw random lines on a chart to say there will be a massive sell off for no reason.

Just a few posts above there is your proof, post #26.



Time of this post: BTC trading @ $9067.


Today, we saw a Bitcoin @ $9002, from this point, my use of the Elliott Wave theory indicates a possible bounce back to $9442 (using Fibonacci).

Of course this doesn't go against my middle term bearish target. I probably won't open a quick long just for this (too tricky) but curious to see if this plays out. Then from $9442 area we should finally consolidate below $9000 to continue the downtrend, the drop in end of May/beginning of June should be much sharper than what we witnessed during the last few days.

$7800 should be reached in a few weeks.

4 days ago I posted about this 9.4k target, right now Bitcoin is trading at 9.2k, and there is clearly a last bullish trap to liquidate all shorts up to maybe 9.8k?

9.8k is still possible, or 9.4k (depends which Fibonacci figure we trust), after that the real crash should begin. Hold tight 

Something good is really happening but actually I'm not gonna buy any speculation related on pumps on dumps given since by now I'm looking for good movements and profitable movements since for the past days the flow is so promising, Maybe we can see that $9.8k in next following days but I'm expecting to see a dump before we can see that.

[carlfebz2]

Wow. I would laugh hard at anyone trying to short this back to $5k haha, OP must be thinking a brand new global pandemic is gonna hit as this one starts winding down in the next few months. But hey I'd love to see the OP put his money where his mouth is, sure he'll lose a bunch of money but if you're gonna make a ludicrous prediction (and call it obvious no less!) you should follow through with it!

Gotta love when people draw random lines on a chart to say there will be a massive sell off for no reason.

Just a few posts above there is your proof, post #26.



Time of this post: BTC trading @ $9067.


Today, we saw a Bitcoin @ $9002, from this point, my use of the Elliott Wave theory indicates a possible bounce back to $9442 (using Fibonacci).

Of course this doesn't go against my middle term bearish target. I probably won't open a quick long just for this (too tricky) but curious to see if this plays out. Then from $9442 area we should finally consolidate below $9000 to continue the downtrend, the drop in end of May/beginning of June should be much sharper than what we witnessed during the last few days.

$7800 should be reached in a few weeks.

4 days ago I posted about this 9.4k target, right now Bitcoin is trading at 9.2k, and there is clearly a last bullish trap to liquidate all shorts up to maybe 9.8k?

9.8k is still possible, or 9.4k (depends which Fibonacci figure we trust), after that the real crash should begin. Hold tight 

Something good is really happening but actually I'm not gonna buy any speculation related on pumps on dumps given since by now I'm looking for good movements and profitable movements since for the past days the flow is so promising, Maybe we can see that $9.8k in next following days but I'm expecting to see a dump before we can see that.

Making up some scalping and some swing trades. I would definitely wait up for some slight pullbacks before re-entering the market.9800 is indeed a strong resistance imho and if the price wont make any breakout then its likely to retrace and thats a nice spot to consider to make some re-entry.

Same as yours im not really buying to those speculation threads that do talk about crashes yet no one can precisely know on when this would happen.So it will really be like some sort of
gamble from time to time.

5.5k? Im not saying its impossible but its unlikely to happen nowadays to go back into the level.

[monineklutak]

if support at $ 7,000 goes through then $ 5,500 might be possible,
but right now there is still support at $ 8,000 - $ 9,000 so for $ 5500 is the last thing to think about

[suchmoon]

What is the shorting paradise crystal ball saying about Bitcoin attempting to break out above $10k? Should I short some more here?

[Leon83]

June 1: shorts got rekt
June 2: longs got rekt

Conclusion: don't trade crypto on small time frames. Invest for long term 

[STT]

Whipsaw action, back and forth makes it very hard to hold fast vs movement in both directions but the conclusion is neutral for me for most of this year.   It needs more time to work itself out, but I would add the closing price is where the bar forms and every week we get a weekly bar and guess in between receiving those.   I only try to draw strong conclusions from weekly stuff, we arent proven in any trend at present reminds me a bit of 2018 which did eventually resolve downwards but only after a long time sideways.

[Lanatsa]

June 1: shorts got rekt
June 2: longs got rekt

Conclusion: don't trade crypto on small time frames. Invest for long term 

Conclusion wont fit out for everybody yet lots of them likes to fight with the waves. Im not saying long term holds is trash but it would be good if you do deal with price on active manner.

For now we do need to break once again that 10k barrier to shoot up on higher levels. Im not seeing for that next target of 5.5k to happen anytime soon but all do have possibilities

because this market is always been unpredictable.For now im waiting up for some little correction but not really bad as this one.

[gentlemand]

Im not saying long term holds is trash but it would be good if you do deal with price on active manner.

Most people fail at it.

I remember someone PMing me who got a BTC payout for some work when it had returned to $1000 after all those years. For some reason they wanted me to give them permission to sell it. I told them to sit and wait as you never know what'll happen and a return to four figures was significant after this long, but they were convinced it was a temporary blip and the price would carry on back down. They wanted out so off they went and were never heard of again.

I don't recall anyone predicting any move that's happened in recent times either. If you'd been furiously trading it more than likely you would now have zilch.

[STT]

^^ Its not wrong to sell tbh especially if you need the liquidity at that moment but what happens is the person doesnt rebuy when it makes a low.   Everyone goes super emo about the prospects just on the low but the trick is to realise that sentiment is already in the price, it is hard to gauge and not be caught up in the negative momentum.   Its common to every market.

Smart hands off approach is sell but put in buy orders at the same time at fixed lower prices, scale in as most places allow you to do so.    Dont get scared off and alter it later, its a definite you have reduced any loss from the lower pricing.   I do the same with stocks quite often, commodities especially are very volatile and BTC has some similarity to that while not being prone to over production problems.

[exstasie]

Im not saying long term holds is trash but it would be good if you do deal with price on active manner.

Most people fail at it.

Even if they are somewhat successful at hedging USD value, most BTC traders are destined to lose coins over time, and to me that's a tragedy. That's what happens when losing USD becomes more important than losing BTC. I used to see things that way, and I'd be a lot richer today if I didn't have that mindset back in 2015-2016, I'll tell you that.

The default position of "buy and hold" has worked out quite well historically for BTC investors. It's difficult for the average person to beat its performance.

I prefer to keep most coins in cold storage, while also longing/shorting with BTC collateral, the goal always being to get more BTC. That means my default position is spot holding during range (most of the time), longing into active uptrends, and shorting into active downtrends. While that position exposes me to additional downside risk vs. USD holders, it fits my long term bullish outlook. I'm much more worried about losing BTC.