Bitcoin/Dollar — Head and Shoulders Pattern
Here's 3 reasons why I believe Bitcoin is about to dump.
Head and Shoulders
The head and shoulders pattern which has formed in the daily chart has tremendous potential to unfold and if it does, it can take Bitcoin to at least $6,000 in my opinion. I would expect strong support at the $5,000 to $6,000 region however.
Market Depth
Market depth on big exchanges like Binance are heavily in favor or Dollar and certain altcoins such as Litecoin which has an upcoming halving in less than 2 months.
Bitcoin Halving
Bitcoin halving is going to occur in May 2020. That is almost 11 months away and Litecoin rally for halving started less than 7 months ago. There's just not enough FOMO in the markets for Bitcoin right now and the best game to play is therefore to dump it in order to buy back the dip and accummulate before the halving FOMO kicks in.
Do Your Own Research
This is by no means financial advice, but rather what I think is going to happen in the following days/weeks. Make sure you do your own research! What I'm going to do is short Bitcoin in favor of Litecoin and my target for Litecoin is a minimum of 0.024 BTC and a maximum of 0.048 BTC.
How Far Can Litecoin Go?
Litecoin can of course pump even more during the halving FOMO in my opinion. Given its supply is 4x Bitcoin and it's almost as old and as liquid and as useful as Bitcoin with lower fees and higher speed when it comes to transactional use, it doesn't take much to convince people that its real worth is 0.25 BTC. But I don't think the markets are ready for that rate yet and neither do I think that rate would hold for too long even if it reaches there so I'll be 100% out around 0.05 BTC!
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Who knows what will transpire, but that sounds like some very sound advice. Have any thoughts on how the Facebook Global Coin might affect the market?
I follow crypto on Facebook and don't ever see much about it, even about their own upcoming coin. At least not yet.
Yeah nobody can know for sure other than the whales who move the markets lol so you gotta try to read their mind and execute similar orders otherwise you'll get rekt unless you are a bigger whale than all of them combined! Facebook's so-called cryptocurrency is going to be more like a digital token. It's going to be pegged to a basket of fiat currencies like the USD and EUR so it ain't gonna pump like Bitcoin or Litecoin have. I won't really be interested in their coin personally. Not interested in any other stable coin like Tether either. The only stable coin I might be interested in is SBD or the STEEM backed dollars.
Looks like BTC doesn't want to listen. At least not yet. 😂
Yeah I know. Looks like it's gonna go to $10K 😂
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Hey bro, yeah agreed about Litecoin. I just dumped my EOS for Litecoin yesterday. Hoping Bitcoin stays tamed for a bit longer. The only risk for Litecoin not pumping near halving date is if Bitcoin breaks above 10k before then, which is unlikely in my opinion.
Given how the order books look, it takes a lot more money to pump Bitcoin to 10K+ USD than to dump it down to 6K USD. I think whales won't mind the move either. They'll get to play with Litecoin in the meantime and then buy more Bitcoin back. It's a game of accummulation for the whales!
Yes, let’s hope that’s the case.
H & S patterns are usually invalidated if the right shoulder has weaker volume than the left.
Never heard of that before. You'd think it would be the opposite though. We'll see anyway. Personally, I wouldn't short Bitcoin yet. I would wait for confirmation today or tomorrow before shorting it.
lmao throw your charts out the window, bitcoin dont care about them
Caring is a personal attribute. I don't think Bitcoin is a person. But that was a very emotional response by a Bitcoin bull I believe. I personally try not to let my emotions drive my logic which is why I have the humility to admit I can be wrong because no one can predict the markets with 100% certainty except the ones who move it and I don't think any of us are among the whales who move these markets.
That's why you should throw out the CHARTS!! LAMO
Shorting bitcoin is a dangerous venture.
Why not work salary somewhere and use extra funds to buy BTC when / if it drops?
Trading anything is dangerous whether you short or long unless you just wanna buy and hold forever but most people just wanna buy so they can sell higher and make some money along the way. At the end of the day, it doesn't really matter if you long or short as long as the markets move in your favor. From my experience though I've learned to be fearful when others are greedy and greedy when others are fearful. Right now there's a lot of greed when it comes to Bitcoin. Everyone has all of a sudden become fearless lol.
I think I will have to convert half of my portfolio to litecoin till after the halving and see how it goes but for now I'm much into privacy coins "veil" to be specific, just love team and their technology.