Maybe we hit $132...wont last very long.
Some people tend to get caught in short squeezes then end up selling too low and buying back higher.
Everyone make your own decisions without blaming anyone else for the outcome.
I agree with this. Everyone should be making their own decisions on trades they take. That said, I merely gave a vague idea. "possibly up" and "possibly down". podyx, being a watcher of the numerous EW threads, I'm sure he understands that I'm not saying that we are definitely going to make new lows. Only that it is possible from every standpoint in TA. There is still a helluva lot of indecision in the market. This is tough trading for sure and the whipsaws can ruin you. These are the risks that we as traders take. We're all grown ass men here (a few women too
) so more than able to take our own responsibility for our actions. Selling at ~$195 and buying at ~$132
Thoughts on this?
is there any chance that we'll see a retrace up to 240 or something before going further down?
Thoughts on this?
is there any chance that we'll see a retrace up to 240 or something before going further down?
Don't you think you're being a little greedy?
Seriously though, yes there is a possibility of 230's if this is the C of another 4th wave. The rise off the bottom looks more corrective, and with the extended downtrend and lack of a decent pull back, there is the chance that we are still in the corrective move off the bottom. I still see a good chance of lower lows in our future, but maybe not for a few days.
Maybe we hit $132...wont last very long.
Some people tend to get caught in short squeezes then end up selling too low and buying back higher.
Everyone make your own decisions without blaming anyone else for the outcome.
+1
The post below describes a short squeeze but if you read its thread the author isn't against shorts, just warning what can happen.
I have. And its not pleasant. In fact, they are extremely vicious. Without appropriate risk management, they have the ability to wipe you out.
Imagine the Spring ramp repeating itself while you're holding short. The mentality has settled in with virtually all the Bears that Bitcoin is done and is going to zero. They are taking their victory laps and cheering their profits. This type of mentality is just as bad as the speculative bubble, only in reverse.
I have most unpleasant news for you. The Squeeze of the Century is coming. It may not be tomorrow, next month, or even next year, buts its coming and you will be crushed.
I know the feeling. You shorts are probably sleeping less well now while you're making profits than you did before. Thats because deep down you know the protocol has not failed, you know that 99% of the people want Bitcoin but just don't know it yet, you know the developers are still out there and working on improvements, and you know that big money is waiting on the sidelines for the perfect time to buy and buy hard.
Typically the ramps come in the middle of the night. You wake up and the price has doubled trapping you deeply in the losing trade. You wait and wait for the price to come back down but it never does as the price moves upwards incessantly to force you to cover. The pendulum has swung too far to the wrong side.
Just wait. Its coming...
Imagine the Spring ramp repeating itself while you're holding short. The mentality has settled in with virtually all the Bears that Bitcoin is done and is going to zero. They are taking their victory laps and cheering their profits. This type of mentality is just as bad as the speculative bubble, only in reverse.
I have most unpleasant news for you. The Squeeze of the Century is coming. It may not be tomorrow, next month, or even next year, buts its coming and you will be crushed.
I know the feeling. You shorts are probably sleeping less well now while you're making profits than you did before. Thats because deep down you know the protocol has not failed, you know that 99% of the people want Bitcoin but just don't know it yet, you know the developers are still out there and working on improvements, and you know that big money is waiting on the sidelines for the perfect time to buy and buy hard.
Typically the ramps come in the middle of the night. You wake up and the price has doubled trapping you deeply in the losing trade. You wait and wait for the price to come back down but it never does as the price moves upwards incessantly to force you to cover. The pendulum has swung too far to the wrong side.
Just wait. Its coming...
Nobody was even talking about shorting it down. At least in the original conversation smoothie was replying to. Selling BTC for fiat is not the same as shorting. If the price rises while you're in fiat, you lose nothing except opportunistic gains. You have the ability to wait for the retrace to get in. You are not forced out of your current position as with a short squeeze.
For the record, I have been accumulating for the last few days so I am in no way telling anyone to short nor am I short. Shorting here is the most extreme of risk and the whole idea of trading is to minimize risk for whatever position you take.
