The Bitcoin Bears Are Not Even Here Yet

The chart is pretty simple. The bollingerbands and descending triangle show we were at resistance and the drop is going to be severe. The price actoin slipped the 20d moving average but shorts on bitfinex shows bears are still asleep. Which means that when they wake up and start shorting this move is going to accelerate. Perhaps they see the descending triangle and are hoping to short the break out, perhaps they are looking at a different structure.

Buying the dip is looking to be a disastrous proposition. These people opening longs, unless they are the most experienced scalpers of all time are going to lose a lot of money.

Bitcoin dominance was rejected at 70% at the end of 2017 and it is happening again. BTC.D is going to test the channel and likely continue up. But this is going to signal the death of the shitcoins and many altcoins.

Part of the rocket fuel isn’t just the BTCUSD longs, it is going to be from the leveraged altcoin offerings. Here is ETHBTC, which I think is also going to move against the Bitcoin Bulls very shortly.

My last couple of posts show I am looking for that major market structure and what I see now is a clear pattern back down to around $1,200 bitcoin. And one of the reasons is the bitcoin pattern is beginning to look like gold’s history over the last couple of years. Bitcoin’s chart looks like gold, but since it is out of sync right now bitcoin is not the fiat alternative we want it to be… yet.

Please review the linked post, they show the big picture this post is nestled within. I have been in short since 11.7 and I plan on holding it till a major bounce predicted by the VPVR or when I am about 80% to my descending triangle target.

Kommentera:

My triangle is now a symmetrical triangle. I think the bears are going to short the Bakkt pump at the target of the triangle and that is why they are not awake yet.