Hey guys, I hope you checked out my first article here, or you won’t get the following joke, but, I’m back and I just got a fresh sack of weed courtesy of Donald Trump. Before we take a look at the charts I want to tell you about my friend Dan. He’s a good guy, but he is the definition of “pigs get slaughtered.” You might know somebody like this, they’re always buying the top and selling the bottom. Like a good friend, he doesn’t want me to miss out on these losses, so he insists on giving me trading advice. At some point I’ll tell him, "thanks, but I like to trade my own charts." This usually just emboldens him and I can hear a new confidence in his voice. He’s a new Dan, he’s forgotten about all the wrong calls and he’s already counting his money. He’ll say things like, "I just don’t want to see you miss out on this once-in-a-lifetime opportunity," or that he got some inside information about such and such 😂👍. If you have a friend like this, then cherish that friendship, because he is the best goddamn indicator there is. So I’m sad to say that Dan is at peak bullishness and this never ends well.
"But, what the fuck is these charts talkin bout son?" Last month I felt like we would probably grind up to 8k and today we got to $7775 on Coinbase. So where do we go from here? Well, we have been chopping our way up in to a lot of resistance. This is around the level the bears really dropped the hammer back on March 12, taking us all the way down to $3800. I would expect to see some selling at this level. Maybe we get to 8k, maybe even a little higher but after that I’m expecting a significant pull back around 25 or 30%. That would put us around the 200 week moving average and God damn I hope we fucking hold that shit!!! Because if we don’t, I’m gonna wish I spent my fucking stimulus money all on weed and not Bitcoin.
So between my friend Dan’s bullishness, a lot of resistance around $8000, and the magic ability that weed gives me to predict price action, I’d say I'm pretty bearish. I really think we’re going to get down to $5800 - $5500 In the near future. I am long-term bullish on Bitcoin, but I don’t think we are going to hit 100k 🚀🚀🚀 or even new highs as fast as the moon boys think we are. I don’t even try to argue with Dan anymore at this point, I just say, “Slow yo row bro and don’t risk too much this time.”
With all that said, I do know that even Peter Schiff is right every 12 years, sometimes the sun shines on a dogs ass, and this could be the time that Dan is right. I’m Definitely not 100% accurate, and with all the crazy shit that’s going on in the markets Bitcoin could just as easily be up 100% when I wake up tomorrow. That’s why I always keep some Bitcoin for the long-term and just add on when I get some extra cash.
And if you’re looking for trading advice you came to the wrong place I’m just some fuck boy who’s opening shorts around 8k with a tight stop and low leverage And if you’re going to trade you should take full responsibility for any losses.