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Bitcoin H&S going for 9K level before massive crash to 6K/4K

My followers have been making a big ride with me from the 11.600 to 8500, from the 8400 to the 9800 and from the 9800 turned short again to the 7900. All these moves were called sometimes a few days upfront. Since we broke the 8K downwards i have only been making small long and short trades, because i was waiting for a big move up (correction). Saturday i predicted that the whole G20 drama, was being shown in the wedge Bitcoin was making. I even said that whales were pushing the price down further, because they had the perfect story (G20 meeting) to do so, to make it logical. With this they were pushing long positions out of the market, because most people thought the drop would continue until he meeting. Markets don't work that way, they always try to get upfront of things. And of course, they have pushed most short positions out of the market. This is just what they do people, accept it and don't fight it. Trade with them :)

My followers also know that i actually predicted the start of the reversal, because of a strange volume candle at the low. Just before that i turned from long to short around the 7600 because of a beautiful bear flag. There were some confusing signals at the low 7200/7400, but eventually i went long at 7410 after we made that low at 7220. I added again around 7600 because it was getting clear we would see a short covering rally.

I jumped out at 7970 thinking it would make a bull flag but we just kept on going. For now i will wait until we drop to 7800 levels and jump back in again (probably).

In the chart we see 2 options,
- we go directly through the neckline of that H&S and go towards the 9600
- we drop to the 7800 and make a normal right shoulder and go up from there towards the 9400.

Those targets will probably not be seen, because the market is still way to weak, so big chance we see it turning around 9200. My overall bigger picture plan is still a big drop towards the 6K and 4K. I will be building up a big short position again between the 9K and 10K levels.

What gives me greater confidence, people here are starting to get bullish again, and i know upfront that if we break the 9K we will see that even more, just like at the 11.600 :).

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Remember what i mentioned a few times earlier the last few months, about these moves

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I just went short at 8275 (small position, small trade!)

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My stop for this small trade is just above that red area

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And it went through, always risky trading this sideways action. I am done for today. Only wait for 7800 or 9200, unless i see a very clear pattern. For now, i still think we drop from here, i can see selling volume is increasing. But i wont trade on it anymore, good luck :)

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I just saw spoofy passing buy with 900 BTC in the buy book :), almost confirming this will be a false breakout. Pushing people to buy into their sell orders. Time will tell, i am still on the sideline waiting for my levels to appear!

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Just watch out for this move, (orange area's)

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To make you understand what i am saying, the whales that bought the market at 7200/7400 and pushed this market up, are unloading here. The best way to do so is tempting buyers to buy into your sell orders. That way the price does not get pushed down with the big amounts they want to unload.

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It's looking different than move at 9800, much stronger this time. Looks like we already broke the neckline with conviction. We are following the red line of my primary chart. This said, we should stay above the 8200/8300 now

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Looks like we have made a succefull pullback to test the neckline of the H&S. So chances have increased allot that we don’t drop below the 8200/8300 anymore and just go up from here. I will post more soon, still not at home, took a half day off :)

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Okay, so we did see a drop from the high, as i predicted there was a big chance it would do. Seen to many fake breakouts lately. I just convinced this the the work of whales/hedge funds. Still a 500+ drop from the high, gold mine for a leveraged trader :). Anyway the market seems to do it's very best to go higher from here, it's trying to make a parabolic move to break the 9K, the strength it's showing it's realistic option, but my guess is it will drop out that pattern and make another correction towards the 8200 and hopefully even lower. IF we drop towards the 7800 it would scare many long positions out of the market again. Than it would be ideal to make another rally up again with out all those people.

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To be clear, i use different exchanges for my chart, because i have different lines/patterns (whatever :)) on each one. That's why i keep switching between them.

On this one we see, for this rally to stay in full force, we have to stay above that blue line you see in the update above. For this rally to stay strong, everything above that green area is also very bullish. If we drop below it, towards the 7800/7700 (max) i still see a wave up in the low 9K's. In summary, the stronger the move, the higher this rally will go!

This H&S is not a real one, some of you might think why i say levels that go through the neckline and breaking the pattern. First of all, it's an extremely ugly H&S (probably why i am the only one here on TV saying we have one). But like i have said many times before, TA is not looking at pictures, it's a story! H&S is making a higher low (right shoulder) and breaking a very big resistance where price got sold of several times (the neckline). The market doesn't see this H&S, so the neckline level is less significant.

One last thing for now, the 8700/8800 which was THE turning point last week, where i said very clearly several times that those levels were the key point for the market to go towards the 7500 and that the 8300 low would not even be the slightest support. We all saw what happened. Anyway, now we see again that this level is a big resistance so far, and it will not break easily.

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Bulls are preparing for a breakout, they just don't even want to see a correction. They even made a small bear trap there. Now it's trying to make a rising triangle, suggesting it will continue upwards. I am still on the sideline, just waiting patiently for a good entry point. I don't like buying at the highs :)

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For the ones who are still long, just be aware that you don't get caught in a bull trap. They may these moves so many times lately. If i was still long, i would put my stop around the 8500/8550 now

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That green area most hold for the bulls, for the short term

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I really want to short it now, but i told my self i would not trade here :)

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There is that small wedge, and an inverse H&S, but this will be a test. I got a feeling it wont reach it's target (bleu area). IF it does not make it could reverse quite quickly and we can see a fast 200/400 point drop. 8700 is still a very big resistance, it just cant't seem to push through, even though the whole bull rally from the 7250 was a mega strong move up till now

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And guys, where is the love?? Where are my likes. I have some a new analysis almost ready to post, but i will only do it if i see an increase of likes. Some of you are getting to spoiled again :)

botje11

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