Bitcoin Price Thread

orbit23 said:
i've seen a lot of tops, but never has it been as obvious as it is now.

Just go short all in at this point and make money, instead of losing it all as bitcoin collapses.

Soon this thread will be filled with crocodile tears as the market falls apart.

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How is this a top lol? You are in the middle of a double correction. There is no such thing as tops and bottoms in the sense that you are describing...only degrees of extensions depending on where you are in the pattern.

Are you saying we might retrace back down to the low 50's again? Wow...that's quite a projection considering we just came from there...I called low 50's back in March.

wxytrader said:
This is what I'm expecting...hopefully we get a double correction. Definitely on a single correction at the moment.

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wxytrader said:
How is this a top lol? You are in the middle of a double correction. There is no such thing as tops and bottoms in the sense that you are describing...only degrees of extensions depending on where you are in the pattern.
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I have time for your call mate but how do you profit from that zig zag?

Also,lets talk about your youtube channel.:D

I think you have the intellect and charisma.

Edit:and the Lambo.(Stop telling people what year).:D
 
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wxytrader said:
How is this a top lol? You are in the middle of a double correction. There is no such thing as tops and bottoms in the sense that you are describing...only degrees of extensions depending on where you are in the pattern.

Are you saying we might retrace back down to the low 50's again? Wow...that's quite a projection considering we just came from there...I called low 50's back in March.
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$40K to begin with and eventually lower. I do think $40K would provide a decent bounce, though there is a possibility of complete cascade.
 
semperfrosty said:
how do you profit from that zig zag?
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You can't lol. If you are thinking a retrace back to low 50k by AUG16 expiry, then the corresponding BITX PUT price would be about $30 strike.

You would need price to hit 28 by AUG8 just to make 1k...and you are risking 1.75*10*100=$1700. That's garbage.

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Even if it PASSES your strike on AUG13 you still lose money lol. Total racket.

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orbit23 said:
$40K to begin with and eventually lower. I do think $40K would provide a decent bounce, though there is a possibility of complete cascade.
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You'd love to buy at 40 wouldnt you Mrorbitmissedtheboatandtoostupidtorealiseitsstillcheap23???:D

At least grab some and average down so you dont go into a deep depression later.

Stay safe and try not to trip on your Rosary Beads.
 
wxytrader said:
You can't lol. If you are thinking a retrace back to low 50k by AUG16 expiry, then the corresponding BITX PUT price would be about $30 strike.

You would need price to hit 28 by AUG8 just to make 1k...and you are risking 1.75*10*100=$1700. That's garbage.

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Even if it PASSES your strike on AUG13 you still lose money lol. Total racket.

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A 1SD move at the current volatility, by AUG8 will bring BITX price to about $31.09. So even with this move you are still at a loss on your AUG16 BITX 30 PUT that has an ask of 1.75 currently.


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Here it is on the chart...the green line is 1SD, and the red line is AUG8. This is why I only sell premium.

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