Quote from: MatTheCat on January 21, 2016, 12:13:16 AM

Quote from: Morecoin Freeman on January 20, 2016, 11:29:43 PM

I am doubting myself for being bearish but at the same time this pump does not make too much sense.
I feel like this should dump back down. What am I missing here?

It makes sense if you stop thinking about Bitcoin as an organic market, and start thinking about it as a Cash Cow controlled by Chinese Bitcoin Cowboys. Crash down to Long RLZ, and then right back up to Short RLZ within a few days? It's bullshit. It is a rigged casino designed to deprive the majority of thier funds. Perma bulls get the thrill of seeing their USD wealth inflate when 'they' pump but get that sinking feeling in their gut when they see their USD wealth evaporate when BTC crashes, and bears vice versa.

An organic market is 'the herd'. And it is possible to develop an acumen in the reading of charts and the use of statistical based tools, to forecast future herd movements. Bitcoin is not so much the herd, as the herd being rounded up by the Bitcoin Cowboys. 'They' have this market on the end of a piece of string like a fucking Yo Yo.

U will know how to read market signals. Look back at the consolidation formation prior to break out. It was saying bear all the fkn way. It was as though the formation was intentionaly designed to trick as many people as possible, and for those who had the audacity to still see it as Long (I was one of them), we even got a move down to take out lowest low, and wipe out all the long Stop Orders. 'They' did not want the public getting in on this at the bottom. 'They' wanted the public chasing the momentum. 'They' want the public to be buying Bitcoin right now! Buying 'their' Bitcoin, that they picked up $350-$380. Although, after that vicious engulfing Doji candle that hit right into 61.8% Short RLZ, only the most fucking stupid of investors are going to enter Bitcoin here, enter they still will, and last I checked, PoC is sitting up at $435...a likely upside target when all is said and done, but will I be attempting to ride it up? NOOOO!

Point is, everything about the crash, and everything about this 'miracle' rise, has fuck all to do with fundamentals, and everything to do with rigged market machinations. Rise was too fast, and it came from nowhere. Reminds me a bit of the March 2014 parabolic rise when Bitcoin surged from $580 - $710. Too much, too soon. Just not fucking sustainable, manufactured as fuck and we all know what happened next.

As soon as the 'top' is confirmed, I will be hunting shorts on Bitcoin targetting $310 area, cos that is where this fucker is going. But if that V bottom was anything to go by, I guess I shouldn't expect a nice easy double top M market structure to trade....I suspect only the chosen and the highly risk tolerant will get to short with the choice trade entry points.

You are really full of it, if you are comparing the bitcoin market from March 2014 to the bitcoin market now.... in March 2014, bitcoin was coming off of a ATH peak... and currently, bitcoin is coming off of a prolonged down market, including more than half of 2015.... different positions and needs to be assessed differently.