I just checked the preev price, and it's at roughly $6000. Did it actually get to $5500 while I was asleep? OP was written just under 12 hours ago.
OP is one of those who opened a short position hoping for a big profit.
basically the lowest price was about $5960 when he started this topic and the lowest that was reached were like this:
Bitstamp: $5880.0
Bitfinex: $5876.5
Coinbase: $5902.8
the hourly charts look funny now:
I know a lot of people that have been opening short positions every time we crossed the $6000 line, they thought we were going to re-test $4900 long term resistance line, and were so smug about their shorts.
Each time they have been rekt by these pumps that happen when we cross $6000, and just like pigs, shorts get slaughtered. It's really sad to see, but hilarious at the same time I guess.
How many times do we have to go through this to see that shorting Bitcoin, specially at $6k range, is extremely dangerous? This could be the definitive bottom after all, and we'll just stay there until bears run out of steam, then race to ATH begins again.