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Trade Recommendation: Short Bitcoin (?)

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Trade Recommendation: Short Bitcoin (?)

Introduction

This article was posted on Sunday, 21:14, UTC.

I usually do not trade with cryptocurrencies any more, but this might be a golden opportunity arising. Bitcoin has bounced back to 2800 USD per bitcoin (ish..). The uptrend the last couple of days may be caused by the BIP91 agreement:

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Bitcoin Bounces Back as BIP 91 Restores Confidence

However, I’m still bearish for Bitcoin for the coming months and possibly years, as I’ve written here:

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Top 10 Cryptocurrencies are Tanking – Prediction of the Bitcoin Price in 2017 and 2018

I’ve put a sell order at 2793 and 2759 USD per bitcoin. The current stop loss I’m dealing with is 2821 and 2823 USD per bitcoin. As you can see from the timeframe graph below, MACD isn’t showing much, the RSI is quite neutral and the Stoch is heading upwards. These instruments does not give any good indication of what might happen in the coming days, or hours. The bitcoin price might bounce up, and I might lose it all. But when I get the “Big Short” correct, I know I’ll keep my position as long as I can. I am still very bearish for Bitcoin, and other cryptocurrencies for the coming months. When that is said: I might be totally wrong! Remember, you are responsible for your own trades. You cannot hold me responsible if you copy my trades and they go totally wrong. Have a nice evening all!

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I also want to throw in this chart by DLavrov from Tradingview:

 

 

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Jonas Borchgrevink

Jonas Borchgrevink

Founder of Hacked.com and CryptoCoinsNews

Comments
  • user

    AUTHOR Mauro

    Posted on 9:21 pm July 23, 2017.

    Whats your maximum downtarget?

    • user

      AUTHOR Jonas Borchgrevink

      Posted on 9:22 pm July 23, 2017.

      I think it’s around $2400. But I’ll monitor the situation, I might try to hold on even longer. Maybe below $2000.

  • user

    AUTHOR aliakhtar

    Posted on 9:41 pm July 23, 2017.

    what is your rationale for being bearish and especially long term bearish….i think 3k hit will drive it even higher and segwit success eventually will drive even higher.

    • user

      AUTHOR Jonas Borchgrevink

      Posted on 10:12 pm July 23, 2017.

      Don’t you think the market has already priced that in? I do. But I might be wrong.. 🙂

      • user

        AUTHOR P. H. Madore

        Posted on 11:53 pm July 23, 2017.

        You are. Unfortunately the market will see that $3k and $1.9k before things even out. I think the shake out will result in more eggs in all baskets, particularly more technically adept efforts than Bitcoin.

  • user

    AUTHOR minusninedioptres

    Posted on 10:21 pm July 23, 2017.

    Shouldn’t the idea be to spread knowledge and awareness about use of bitcoin as a decentralized cryptocurrency distributed ledger? Get more people of participate in the market place Instead just using it as an instrument for making money. That seems morally wrong for blockchain. For making money we already have the stock market. What am i missing?

  • user

    AUTHOR oliviers

    Posted on 11:02 pm July 23, 2017.

    Isn’t the double top too obvious ? Double bottom or top didn’t work in the past on BTC.

  • user

    AUTHOR motboy

    Posted on 6:11 am July 24, 2017.

    How will you approach your profit target? Looks like $2,600 would be key lower resistance – low 2k if this breaks?

  • user

    AUTHOR DeadDuckWalking

    Posted on 2:05 pm July 24, 2017.

    I get a bit bored with the personal success stories. Can we please have the ICO analysis back because lately the news on this site is getting uninteresting!! I didnt join for this but luckily I can cancel on a monthly basis. Please get back to the real information and keep the (contradicting) personal gain stories to a minimum.

  • user

    AUTHOR alexandrathompson314

    Posted on 10:50 pm July 24, 2017.

    I have to agree with DeadDuckWalking. Many of us are fed up with the many self-proclaimed “gurus” online. Please focus on quantifiable, real, actionable information for us traders. Thanks so much!

  • user

    AUTHOR motboy

    Posted on 7:54 am July 25, 2017.

    Looking like a good call this morning (UK time) Jonas. Can’t see any news re what’s spooked the market but looks like a decent correction. Moved my profit stop well below my entry so all upside from here on in. Nice one.

  • user

    AUTHOR birchreed

    Posted on 9:15 am July 25, 2017.

    Friends, I’m looking for some guidance. I have a considerable amount of Bitcoin on COinbase in a wallet. I’m not an experienced Bitcoin trader and need a seasoned person to advise me…..Here’s my question: Coinbase allows me to sell only $15K in US dollars per week. I want to do a sale of 50 Bitcoins. Is there a different wallet to use or service? Does anyone know a consultant who could guide me through this? It;s a serious inquiry and I will pay a fee for help. THANK YOU!

    • user

      AUTHOR motboy

      Posted on 9:58 pm July 25, 2017.

      Tier 3 authenticated users on Kraken can withdraw 25k per day. Otherwise I’m guessing you could flog your coins on local bitcoin or one of the pair to pair sites.

  • user

    AUTHOR motboy

    Posted on 1:22 pm July 25, 2017.

    Jonas, great call re the short. Interested in hearing where you think BTC may bottom out…

    • user

      AUTHOR Jonas Borchgrevink

      Posted on 7:14 pm July 25, 2017.

      It may be at the bottom now.. But for the long term horizon I still feel we are heading down.

  • View Comments (15) ...
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