Bitcoin target is 17.100/17.300, than short, H&S target 14.400

Updated

This Bitcoin is just amazing, it is just going wthe the flow, unstoppable. My target is set at 17.200, when (for the third time in a row) broke out upwards in a bearish rising wedge. But, as you can see in this chart, i expect it will form a big H&S with the neckline around 15.800 and the top around my target. Ofcourse an overshoot is possible to even above 17.500. But i am riding this out untill 17.100. From that point i will start to build up a short position, every 50 points up i will add a small portion.

Now there are 3 options:
1: I am completely wrong :)
2: it will turn around 17.200 and drop to 15.800 and make the right shoulder. This one is tricky, normally it should be smaller than the left one, but with the extreme hype it get get much bigger! Anyway, than it should drop below the neckline (15.800) with a target of around 14.400. This area is a support line, where an even bigger H&S could appear, but i dont think that one will become reality. But it is possible ofcourse.
3: It will drop to 15.800, but the H&S will fail and in an even faster rate it will climb up to the ATH and probably make a new one.

My guess is option 2 :)

I do have to say, what the Bitcoin has done, has really, really amazed me. I have not seen anything like this before. I just never thought it could here this fast!

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I am going to close at 17.200, but i will raise my stop to 17.000, i think it has a bit more potential

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I have closed at 17.160

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Oh man, i only got the first portion in at 17.100, this was not what i wanted it to do. 16.800 is till a big support, hope it will jump up again to about 17.300. I will add from 17.150 up to 17.350

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Perfect plan, but i was to slow. It just moves so fast sometimes! I only got 25% in of what i wanted. I have added at 16.740

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The picture has changed quite a bit, it's still looking short term bearish. 16.400 is a support now, if this one breaks, i think we will see 15.800. But i am not so sure than one will break. Lets get there first :) than we can review again.

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Wow, i am out at 15850

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And i nailed it again, Almost into perfection, if it would just have stayed at 17.200 a few minutes more, i would have been fully loaded. Still good, 1100 points profit. Lets see if the right shoulder will form now, it should stay below 16.400 now, that would be the most bearish scenario

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Oh crap, if this isnt the smallest right shoulder, this is extremely weak now!! That it didn't even make a normal right shoulder!

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Iam gonna short it again at 16150

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IN at 16150 and at 16240. i am gonna add at 16350 if it gets there

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16350 is also in there now, stop around 16600

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Just gonna pretend that the circled area never happend :). And that the movement from the 15800 to the 16450, is the right shoulder, just as i mentioned an hour ago

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I am out at 14500

Trade closed: target reached

Just amazing again :) I really deserve an oscar, for writing this script even before it began :). I nailed it again. 1700+ points :) cha ching LOL

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Another 25% is in at 15200, stop is around 15.600

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I think it's going up again from now. 15500/15.400 must hold!

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I looks like it's gonna hold, I am going long now. with a stop around 15.300. It's obvious that on Bitstamp, they are not so possitive anymore, let's see if the other exchanges can push it up themselves

botje11

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