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bitcoin showing weakness, towards the 7000

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The double bottom i predicted in the last chart came out perfectly, i only missed my my entry point because i thought it would go up higher towards the 10.000 It did not make it to these levels, confirming how weak this market is still is. Since it did not make a real bounce from the dobbe bottom level and droppen back again to the lows, it's almost 80% sure it will drop even more. My guess is it will get close to the 7000. Maybe from that level we could see a bounce.
I might not be able to update this on time, so good luck

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This is the Bitstamp chart, because my bitfinex chart is full with lines

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i dont even need to look, but am almost sure indicators will show positive divergence at that green level

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It will probably drop much further

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Probably gonna see another failed H&S, so we could drop to the low again

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Looks like it wants to break out upwards after all, 7500 is a big resistance! If it gets above that level, than it could go up further

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Should bounce up here, otherwise a false breakout

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Probably see 6800, from there it could still find support and bounce.

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And there it is :)

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Gonna turn long now

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Red area is the first resistance level it has to break, otherwise it will drop even more. I have moved my stop around the low.

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Wrong one

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This aint no bounce anymore, not looking good!

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So far it's just making a bearish flag, it has to break the red area, than it could accelerate up

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I am getting out, 150 points profit, it just cant push through

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Taking to long, to much doubt!

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It could still go, but i am not taking the chances. I entered the trade thinking it would make a bounce, not necessarily a big one, but this is taking to long (for me). I see bearish flags, wich means mixed signals for me. Have a nice profit still, so thats the reason i close

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The test, red area

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I am back in at 7025

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long, close stop

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I have closed with 100 point loss. It's really dramatic!! There is just nothing anymore, nothing! Only big rallys are short covering, the one i called a few days ago and the same happened today. This is really bad guys, really bad.

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Target for this drop is probably around 6300, i am really curious what happens IF it gets there

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Possibility

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i think we are closing to a small spike up

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Target of 6300 is reached

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We could see a 100 point drop below this support long it's hanging on, and than make a big move up. I am long nog at 6280, small position !

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I think spoofy just closed his short position again, 400 BTC at 6228

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I have added a few at 6115, just think a squeeze is coming. Stop around 6000.

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Stop at average entry level now

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Amazing, just no follow through, will probably drop from here, doesnt even have the strength to complete the bull flag of this squeeze. It aint over yet :)

Just to be clear, even though i called this squeeze, i did not actually create it :) LOL

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i am closing around 6600/6800, if it gets there ofcourse

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I am out, thank you :)

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I am short at 7150 now

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This rally could be stronger than the previous ones, i have lowered my stop to 7250 now, and will use a trailing stop of about 100 points

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I am out around 6900, stop is a stop. i think i am done for today. it could drop to the low 6000 and go up again, or from around these levels. No clear signals for me now

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H&S in the making, should stay above the green area for short term uptrend to stay strong

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I am done for know, good luck trading :)

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So it went up as i expected, but again showing weakness. Made a nice H&S, but it could not even stay above the neckline. It also fell out of the upwards trend. 6800 should be the max to still be short term bullish

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First ones are in at 7400

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I am building up in small portions up to that 7600, with stop around the high of today

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So that was a clear wrong bet :). To be honoust guys, i got influenced a bit. Anyway, i had a target of around 8500 in my head, The H&S target, when it dropped below the nekline again around 7400 i thought the market was just to weak to reach it's target. It has done this a few times more the last few months. At the 17.200 bull trap it did the same, it had a clear target of 17.500 but the market not chose no to and dropped from 17200 to the 13K's. Anyway, Bitcoin is making a rising wedge again, the same as it did around the 9500 top a few days ago. That target was also higher (that's why i completely missed a big part of that drop (because i also took a day off and it did not reach my entry points). For now i am doing the same, I have started to open short positions at 8100 and up to 8500. Small portions of a small total position! One can always add when it goes in your direction and shows some confirmation

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It broke out the rising wedge, i have my short position in with at al the points i wanted. I have i wide stop now, around 9K, the size of my position is adjusted to this.
Not a big thing yet, but for the first time in a few weeks i think, Bitfinex BTC price is lower than the others! only 100 points now, so nothing big, but we all know how it was the last month or so.

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New chart posted

botje11

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