BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Clearest major double bottom on BTC in a long time.

Fundamentals for Reversal: The sharp drop was largely caused by fear and uncertainty due to Segwit2x Hard Fork cancellation and BCH shilling. However we have already corrected to prices before the hype of the hard fork even began. meanwhile, the massive sell-off of BCH 2 days ago has made it rather clear that this was a rather elaborate "Pump and Dump" operation. There is probably more fear surrounding buying into BCH vs. fear of buying into BTC .

Technicals: Textbook double bottom with bottom prices within 4% range, and two advances more than 10%, backed by rising volume on both advances, and strong volume throughout the second advance. This is a textbook stop loss and target of 2x stop loss, slightly adjusted for previous ATH .

Note: Although there is a camp of traders waiting for correction to 4800 or 5000, it is not uncommon for BTC to move on without filling the last bit of a gap. It is less common for a major correction to have such a clear double bottom . My guess is that the volatility in the double bottom has satisfied most big trader's targets even without getting to 5000usd exactly.

Entry - Between 6480 to 6630
Stop Loss - 5600
Target - 7900

交易進行: We had a very nice entry and rise. But the rise is looking to be too fast. This is a good place to take intermediate profits. Beware of whiplash!! Trade safe everyone ^^
交易結束:目標達成: This target reached, but still holding on to some positions as per this idea:

Great trade everyone!!
"We found the evidence.. Highly Compelling"
Mystery History Youtube
This gave me the confidance to long when most said short for correction . BTC hasn't been correcting itself in proportion because the growth associated to it is compensating for part of the correction i.e. the money replaces the short at least to some extend ( new money )

This will play out fast now already at 7400 , I suggest NOT putting TP on BTC in general when in this mood ; )
casstete casstete
@casstete, since BTC had a flash drop & didn't even correct to conservative levels , there is no reason for it to stop short of last high
salaryman casstete
@casstete, you were absolutely right! the correction was lightning fast and rather shallow!
casstete salaryman
@salaryman, shes a beast isn't she . If it does us the favor of consolidating above 7900 it would also have precedent and potentially moon again
I would add moving stops to this trade, the range is quite big for this volatility
salaryman Linus-Lim
@Linus-Lim, thanks for the suggestion!
Good thinking , I also believe one has to be aware that a super bullish BTC will not correct itself to optimum levels & indeed large investors will not bother for the 600-800 long above the mark of 4900-5000 .

Only Margin traders and they likely to be caught out & BCH was a manipulated trade from A-Z
salaryman casstete
@casstete, yes, just like the correction from $3,000 never went down to 1200-1300 like many bears hoped.
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