Bitcoin Distribution Spotted - Time to Short?
Hello again guys, just a short post because I don't have a lot of time right now but to cut to the chase I believe Bitcoin is now in Distribution after that $1,000 + crazy pump we had recently. If you have not read my Accumulation and Distribution Tutorial, then read this first it will give you an idea of accumulation and distribution before I show you why I believe Bitcoin is currently being Distributed: https://steemit.com/bitcoin/@investingtips/big-money-accumulation-and-distribution-tutorial-plus-bitcoin-long-term-support-held.
Below is the Bitfinex 30-Minute BTC/USD chart with my current Bitcoin analysis on it and also my entry price, stop loss price and take profit price for my current short position:
I am not going to go into why I placed my order levels where I have today because to be honest i'm not sure yet how to explain my process in writing. But anyway, let's see what happens!
Thanks for reading. :)
Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.
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STOPI believe that after the sideways trading, bitcoin price will fall to the support line around 7450 or so. After that? who knows. But I will wait for the buying opportunity that comes after the fall.
Of course I could be wrong. maybe the bulls will withstand the bears and keep it going up.
No complaints. It was easy gains!
I think this kinds of make sense because I read your previous tutorial. I havn't taken any new position as of late but it is interesting to see bitcoin follow a predicted pattern, when it usually doesn't do that :-)
It's a learning experience as well, Thanks!