[Daily Discussion] Monday, November 25, 2019

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Aged well
Could anyone confirm when the current weekly candle will end on
Yes, almost every other charting site closes the weekly on Sundays, but
I'm back in. F it. I had sold at 7100. FOMO long 100x to the max!!
Ahem if everyone could please stop shorting I would like to continue the dump please
We're at a 50% retrace from the previous bottom to the most recent top after bouncing off that trendline I talked about in my previous comment here. Red candles on the weekly MACD are decreasing in size on the weekly, though that could collide with the monthly green MACD candles decreasing in size/strength, meaning the next bounce on the weekly timeframe may not be as strong or sustained. Lots of people expecting a drop and higher timeframes seem to support that conclusion, which for me would be kinda nice since the BGD back in April made absolutely no sense; a drop to any of the ye-olde trendlines that you could draw from the beginning of the 2017 run to the January 2018 bottom would mean whatever fuckery that has been going on this past year would have exhausted itself. Maybe that's just me being naiive and this is just but one part of some long-term fuckery master-plan by the BTC-illuminati. Idk.
Am short CA $7240
Targeting 6920-40 for TP 1 and possible Invs H&S play
Although I still think we will touch the 5ks and finally fulfill my prediction of more than a month ago that I was hated for so much, I’m seeing lots of people calling this a suckers rally and so there might be another rally to shake people out first, since many idiots love to high leverage short. There might perhaps even be an overextended rally above 8k.
I hope that doesn’t happen but I’m ready for it just in case. My invalidation for my bear scenario is a close on a weekly above 9.5. I’ve luckily made enough money to compensate well and above for that even if that happens.
With enough luck you'll keep shorting for the next 2-3 years and we might finally be able to offload you to McDonald's.
thinking this matters is beyond dumb
what people thought had some value 2017 dec and other peak bubbles, that's it
Decisions, decisions...
The goal is to catch the coming BGD with leverage. Funding is good now so I'm inclined to keep my position open as I sleep. I hate waking up to a liquidation which could happen, I suppose, even though I don't think Shorty has any more coins to dump at this time.
I could close my position at break-even (or with a small gain) and sleep well tonight, but I know if I do that the BGD will happen while I'm asleep. If I keep it open, I could get liquidated at 3 AM and miss a BGD that starts at 4:00. That would be the worst outcome. I'd be happy to re-open another position lower tomorrow using this new strategy (1% with leverage up to five times -- all I need to do is catch that updraft once).
Fuck it. Sticking to the plan. Keeping it open.
Take some adderall and stay up all night watching it
Someone get this man a degenerate trader tag
3 weeks until 17 Dec 2019. Is there anything else we need to know?
Let it ride man. Good luck!
Thank you. I have asked my chinese bears to dump the price by 30% overnight. Please expect a liquidation upon waking up.
I guess if you’re actually concerned,and not trolling, unless you’re already betting 100% on your Long, you could also add margin and lower your leverage so liquidation is absurd, while you sleep. Raise it again, if you want, when you wake.
Dude I love you
Hey as we get closer to thanksgiving I just want to remind everyone to bring up the Subject of Bitcoin at the table this year .
Remember we can't have adoption if people don't know about it SO TELL EVERYONE
Yeah no
This is not a good idea. Leave family out of BTC unless you want to explain how 50% of their money was lost in a few short weeks.
I know 8 wealthy enough people that they could easily buy 1 BTC at this price.
They each tell 1 wealthy person they know and we're up to 16 BTC bought and held.
But maybe I'm not good at convincing people to buy Bitcoin because no one has yet. Or they don't want to tell me they did.
Yes, come and get rekt is a great advertisement. Invite all your family & friends they will love you forever.
This is a suckers rally
This isn't a rally yet, and only a sucker would think so.
No- This is a fuckers rally. Nobody knows whats going to happen next. Including yourself- Hint: The fuckers rally has been ongoing since 2016 🚀
more like first sell off babie.
What rally
Wow, most people are still bullish. Down we go.
The average of these responses so far is 7409 based on a sample size of 18. I'd say you're pretty accurate with your forecast although the sample size is incredibly small for any reliable inference.
Average: 7593.966667
N: 30
This will be after revisiting 3K and possibly 11K along the way 🙄
That is incredibly optimistic.
Closing my short from 7330 @ 7140 USD. last trade for the day.
I just submitted my mod application - I'm glad this community finally realizes it needs a competent leader
You seem to have the credentials.
Bring on the cheap coins!
Who are we all kidding man. This thing is gonna dump to a new local low tomorrow and we all know it. Shorting this piece of shit is basically free money at this point.
I’m totally long spot DCA into the never ending fucking money pit every week. I have no fucking clue why anymore other than I’m a moron
I love free money! Can I short it on Coinbase or do I need Coinbase Pro?
Nobody is kidding shit. Everyone realizes this is plummeting further throughout the week.
Pretty sure this is exactly how you are supposed to feel when you are DCA'ing at the right times.
It was a cute lil' bounce and I made some money off of it. But it isn't long for this world.
Because long term plans > short term emotions every time!
Even if you did make money from shorting, the emotional discipline it takes to be able to switch to the long side once you've made money shorting is very difficult.
If you did short here and it went to $6k I guarantee you'd have trouble closing it even if it did seem bottom-y!
You’ve seen the light
Why did GKLemon stop posting?
Lotsa people gave him flak because of his high number of posts...
Personally, I would like to see him come back.
Probably got tired of all of the trolls giving him hell for decent analysis. You know, the usual around here.
Because he stopped believing in his own hubris.
TA is bullshit.
Probably got rekt, went into revenge trading in an attempt to get his money back and was ultimately unable to pay his internet bill.
Good question - we should ask him
Made a fortune trading and retired, like most.
There is little chance bitcoin doesn't get destroyed with every other asset class in a true global economic crisis. Bigger than just a regional recession, but not cataclysmic would do it.
Massive global war? Nobody is going to suddenly flee to bitcoin bc they are pulling money out of way more sound investments to protect their principal, not gamble more if the entire portfolio is losing.
It's completely reasonable to think that BTC had its time, but will bleed out in the long run and be a relic, just like hard drives filled with it forever trapped and lost in dumps and landfills. For some reason this has always bothered me.
The government would rather be able to print TRILLIONS every year without any real accountability to markets and global stability, and sorry, but BTC isn't going to beat the US or China. Unless the bitcoin whales amass fortunes and sovereign land + a means to protect their wealth and livelihood (which they can't and won't), it's relegated to basement dwellers who predicted it might make them wealthy.
Is that who you want as a ruling class? Trillby with his Mountain Dew and Cheetos at the filthy desk, big breasted anime girl posters with hentai, happily the custodian of $100M of power. Jesus what a terrible picture.
There is probably only 1 wild of many "Avengers: End Game" winning combo that yields a true moon with an insane sustained ceiling for any amount of time. I'd bet against it because there are too many ramifications if we get to moon land for world superpowers when poor people around the world have access to these level of resources.
Governments want to mine asteroids, not digital tokens. Think about it. Again, TRILLIONS at stake in space and people will actually do this in our lifetime. That's tangible to Johnny layperson because he watched Armageddon 25 times on TBS after drinking a bud and it's fucking cool. Bitcoin just isn't.
To me, my personal moon (as of today) is a paltry 200K per bitcoin realm for a sustained period of 12 months or more. A flash pop and pump followed by what's happened recently to reach a new ATH but not create a moon end-game at least 10x from previous ATH.
On the bullish sentiment, I am also 100% sure there will be some kind of giant pump to a crazy level no one projected over the next decade, but no idea on timing. Maybe it's 6 months from now, or 2-3 years from now, so who knows. There is so much downward pressure to make retail investors and traders give up and get out to set up what I would expect to be the final climb to be in the moon end-game. After that giant climb, btc swoons and fades into perpetuity as even more degenerate gamblers catch a falling knife and lose everything.
Obvious flashes and crashes in moon land end-game with a final panic rush for the exits (or possibly even multiple panic-induced trends), so it would be even tougher to make clear decisions with a huge price that still represents a lifetime of wages and productivity for the majority of humanity living through it.
There are so many factors working against bitcoin as a fungible currency for daily commerce and activity, but I could see the 'store of value' maintain some kind of level of demand, as well as global exchanges and markets that trade it.
Just like gold bugs and silver bugs, people will always believe in bitcoin.
My stupid ignorant projections play out over my lifetime in decades, whatever.
Lastly, I find this sub-reddit fascinating and it's quite interesting to observe and learn from everyone willing to share their TA and opinions.
I know only basic TA and thought it would be a nice skill to cultivate in 2020.
200k is paltry? Id be shitting rainbows and unicorns if that happened.
I agree with two key points here, (1) In the face of a global economy with tons of perceived risk, Bitcoin is absolutely not a safe-haven and (2) due to the high centralization of wealth in Bitcoin, there would be immense pressure to prevent early adopters from becoming accidental billionaires. I have been convinced for a while that the long-term plan for Bitcoin does not make sense, and thus I am not a long-term holder and instead a trader only.
As a counterpoint, Bitcoin's application in the last few years or so is really to function as a bizarre gambling platform where speculation and wild price fluctuations are a feature and not a bug. I believe that there is still a tremendous amount of organic demand for using Bitcoin as a vehicle to try and make money via trading, and there are ton of very wealthy actors in the forms of exchanges that are interested in seeing this ecosystem continue to exist. Furthermore, Bitcoin does not really need to be any particular price for this application case to work. The premise of it works just as well at 1k as it does at 10k or 100k.
I personally never have and never will tell anyone in my life to buy Bitcoin and hold it. I don't believe that in the long run it is going to thrive and be the source of free wealth that tons of deadbeat 20-year-olds think it will be. I do however encourage my friends that are interested in trading to take part in this fantastic ecosystem. Its likely that participating in a market like this is a one in a lifetime experience. At some point regulators are going to eradicate things like 100x perpetual swaps on an asset that regularly goes +- 40% in a week and literally can make you a millionaire overnight. I believe that I will look back and feel thankful that I got to experience "alt season" and "april 1st 2019, nov 2018/2019" while they were around. Just be careful about becoming like all those burnouts we see in society today who are fixated on that one point in their life when they peaked. Next to the guy in the bar who tells the same story about Woodstock or that high school football game from 25 years ago is going to be the guy still talking about all the sats he stacked.
I hope the emergence of emotional and bitter posts of this type (no offence intended) is an indication that the price is about to establish a new bottom. However, for confidence to return, we need several weeks of sideways action or slightly rising prices, I would guess.
Would be a lot better than the epsteinesque crew of degenerates we have ruling us now :-D
What a particular load of old tripe. Back to being a good little sheep with you.
You do know they can still have their boomer bucks backed by bitcoin right? You can have both. But it doesn't need to even be that. That fallacy makes no sense. Digital gold is enough. Anything more is Gravy.
OK Boomer
Gee whiz, the bounce has consolidated into a downward-sloping triangle. Can anyone possibly figure out how it might resolve?!?
And that's a wrap! Down we shall go, and quickly.
More than can be said for most bounces lately.
What downward sloping triangle? I dare you to draw it.
He reminds me of that crazy guy that roams the street yapping about nonsense. Instead of asking for change he’s giving passerby’s random information that makes absolutely no sense.
There's no way that someone who isn't messed up in the head spends hour after hour, day after day on this subreddit for years, living in his own fantasy world where "Big Shorty" is always losing (despite price dumps) and also can't keep his story straight on whether he's buying, trading, longing, etc.
Mods probably just pity him but I've never understood why he wasn't permabanned years ago. He breaks subreddit rules almost every day.
Sentiment is garbage, no one believes this pump will amount to anything
If you say so, buddy.
You know how sometimes foreplay is almost as fun as coitus? That's kind of where we are from a bull's perspective.
PS -- what pump? If you think this is a pump, you don't know Bitcoin. The pump is coming, Junior. Don't you worry about that.
too many shorts to target, i think this pump has a little potential. been long since 6600, targeting 7800.
Correct that's why we short all pumps
I will not post here anymore.
On a second thought, idgaf about any of you(except peter) so I’ll make a post.
This looks really bad imo. Many here got excited from a dcb and the predicted funding rate is already on the way to positive. I wasn’t following the OI but it’s relatively low so I assume the negative funding is about longs closing and rekt rather than actual new shorts pressure. This bounce will provide new longs as people are already celebrating the bottom. As of now if we sideways here till the weekly close, it will be extremely ugly. No 5 red weekly candles ugly but a let’s breath for a second before the parabola continues ugly.
I’m refusing to short this(unless we pump hard) since any minute a whale can come and fuck shit up like last month and I wouldn’t want to be caught in a shit storm. Yet, the harsh reality is: the trend is down, alts are in the gutter and all the action happens on Bitmex because normies are no where to be found. Oh, and the halving only have a meaning if there’s an actual demand. Right now it’s just us playing with each other dicks while miners and whales are selling into our positions.
On the bright side, bottoms are in fact ugly and never obvious so I could be completely wrong here, would be hella fun if this is the case. I will go into disbelief phase if we move to 8k and will believe it if we’re back to 9k-10k in a proper way(like not in one 40% day)
Assuming you’re not talking about Sir Peter, as in Peter Brandt (and why would you be? He doesn’t post here. I just thought I’d bring him up). This is the nicest thing anyone has ever said about me. Thanks John. You make me feel special.
Love you long time Fella
Oooh Baby I love your way, everyday, yeah
I wanna tell you I love your way, everyday, yeah
Nooo keep posting here.
It started to flip positive just before the 40% green dildos too.
Here is the thing though. Normies do not get in unless they see a gradual uptrend sustain for a while. That's why you saw no normies early this year and even the 40% bgd last month was too fleeting because the trend did not sustain from the very first day.
So don't expect normies to enter and stop the trend. The trend will get stopped due to existing enthusiasts while normies join on the uptrend after a while.
The problem is no normal people can hold crypto anymore unless they are skillful enough to buy the deepest lows - otherwise it is just too painful. The magic is kind of gone - the idea of alternative currencies being used in the real world has been totally rekt by the volatility. If you care about the money you put in and/or actually want to use BTC or any crypto as a currency it is just impossible. Exchanges, whales and traders killed this in the womb. I remember when there was actually real use case optimism for BTC - not just hodl it to "store your value." People used to celebrate with even rumors of retailers adopting - now no one even things about it because they know it is unlikely. When it was sitting in 6K last year for as long as it was I was actually kind of excited because I thought maybe it would become useful as a currency. I'm not that naive anymore.
At least the volume came back on the last couple of days. Nearly 9x daily volume on cbpro than what was seen on some real dull days last week.
This (linear chart):
Or this (log):
Let's see here.
Massive pump earlier this year, in a likely overall bear market. Hardly any retraces. It finally blows off, tries to sustain 10k+, and ends up failing. Dumps hard as expected, gets rather inexplicable massive short squeeze which completely is retraced. The dumping accelerates in the process to further lows, which is still just a natural retraces of the whole move this year. Sentiment becomes irrationally pessimistic as it slams lower.
Then today, we get a bounce to levels which we were at only 24 hours ago. Less than shocking considering the speed at which we got this low. Suddenly there are posts about "damn I miss it, looks like the move is going way back up"
Really? That's your assessment? Not "Yeah this thing was completely dead 18h ago and a bounce was inevitable, probably should assume it's just as dead as before"?
-- Gandalf the Orange
People are thinking too short-term, that is why they mostly lose money. On daily you can't even see this bounce.
But it was 10+% percentage, easy money, what a missed opportunity.
Also, saying "Buy low sell high" sounds nowadays stupid to most, because of lack of patience.
Sentiment fell to a new low on the BTC Bull & Bear index
Fear and greed index also fell to new multi-month low (extreme fear).
Man this market really know how to chew you up and spit you out. I wonder how many people that believed in the bitcoin vision has completely capitulated. We need retail adoption. The volatility is fun for trading but imo its scaring demand away. Most people cant stomach 20% drops in a year let alone in a few days.
Completely agree. This will never go anywhere until people can buy food, clothing, etc with it. After all those stores accept gold, diamonds, and artwork as payment so they need to accept BTC as well.
We never really had proper corrections after 4k pump until July... this long drawn out correction is the result. I'd rather correct after the 30-50% pumps than correct after 250% because those corrections apparently take 6 months. lol.
BTC has to succesfully retest the 6500-6700 area (without making new lows) and then quickly break 7550 for the bounce to be valid reversal signal. Until that happens its just corpses of rekt moonbois and bears sitting in fat profits ahead of us. Somehow im 70% sure we are going down further.
I think dumping from here is a possibility. But make no mistake about it, BTC doesn't 'Have' to do anything.
Pump waning, funding flipping. No bueno.
Indeed, new low within 48 hours
Mucho bueno. All of these shitcoins need to die in a dumpster fire.
Ethereum at $145, come on!? It's worth no more than $0.1. Don't even get me started on Bitcoin.
Not currently in a trade right now, but this is what I'm seeing:
I expected a lower test of 6k before the bounce, but it looks like it is happening. My target would be 8200 range, but we have yet to reach the .5 fib level as of yet, so 7800 might be a safer target if you're looking to short or take profits.
I'm planning to DCA when/if we drop to the 5800-6200 range. Otherwise I'll do so if we establish a higher low following the lower high on this bounce. (daily time frame)
Too late to fomo in now. I'll wait for the next dip, no way I'm buying now
Agreed, I'm considering a buy at 7k or 7.4k whatever comes first. I think if we break 7400 we get a run to the top of the channel (8600ish) before pulling back down to test 7400 if it breaks. Just a guess though. Overall still bearish for the medium term until we get a higher high.
BTC is down ~2k since the start of November and you're warning against FOMO'ing back in?
rip me, you were actually helping
Hey guys an internet stranger hurt my feelings, so I'm going to take my ball and go home
Dont be like that, i enjoy your presence in this sub and 99% of us too
Pretty sure he thinks anyone not longing all the way to the bottom is. Crazy
You think I stop posting here with the hate that I get? Haha
I understand the reasoning, I don't post much trades here for the same reason and people will hold it against you and call you out as bad trader and whatever, but I have always enjoyed reading your posts and what I observe as no bull or bear bias!
Ever consider becoming a mod for this forum?
I have committed to the same strategy. Good on you man. Now I have to break the impulsive checking the daily everyday.
By posting your analysis and trades you contribute to the community. This sub is still great because of people like you, Mike or sloppy. I don't need to tell you this you already know this.
Meanwhile there's a bunch of people here that don't trade that can't resist spewing their retard opinions with no skin in the game with the obligatory 'traders here are always wrong, market just wants to liquidate them lloololol HODL the 50% drawdowns, look how genius I am'
Another one bites the dust. Honestly I am happier and make better decisions when I stay out of here anyways. We're down to <10 meaningful contributors if I had to guess. This place is going full retard.
Keep posting dude - much respect over here. Learned a lot from you!
Every time a successful trader post their posts here comes a group of small and jealous kids/people who can't handle this and poke or mock him .
You shouldn't give any attention to this small people and surly not give them what they are seeking (making negetive impact on the trader and the trader's will to post here)
this remind me alot of what happend to chewy.
I still wish you good luck and hope you'll be back , i know for myself that seeing your post has helped me alot along the way with making money and made me a better trader.
thank you.
It’s a public forum, you don’t have to answer anyone with anything..
Anyway, announcing you’re not gonna post anymore is seeking attention and waiting for people to pet your ego so you can.. post more. And I bet you will. You’re already giving too much information about your collateral(for attention) and in a funny way.. “ I prefer saying 10x instead of spelling out that I'm trading 100BTC”
Seriously dude? You literally spelled out you trade with 100BTC lol
The sub is for people to post trades though. Very few people are posting TA. Your more on topic than most. Sure it's not your blog but it's not going to help the quality of the sub for you to stop. It would be nice for a bit more reasoning but who the fuck am I to complain because I rarely post anyway. It just seems that posting TA and trades, especially if they go against the prevailing thoughts of the sub, is more hassle than it's usually worth.
Don’t worry about the haters, keep posting m8. U got an audience here
You could also just post more details/clarify certain things. he wasn't telling you not to post AFAIK he was just saying that if you're going to you should be more clear with what you're doing
Nah, keep posting
Youtubers right now:
There's crypto Youtubers? I would have though at least one of them would have been on my recommended list, but I guess the algorithm thinks I'll be more into DnD lore than bitcoin Youtubers.
We are looking for one or two new mods
We will make a more dedicated post on the topic in the next day or so depending on response.
Apply via sending a mod message, that can be found on the sidebar, and title the message as "New Mod Positions". We are ONLY looking for active mods who can mod daily, if you don't have the time please don't apply.
Apply by sending us a simple but detailed message, no more than say two paragraphs, on why you think you would be a good mod for this community.
Applicants should be in good standing with the mods and have an account that is more than a year old. Also they should consider themselves a daily contributor to the sub/slack, sorry lurkers but the community should know of the new mod prior to starting.
Post below if you have any questions and please don't spam us with troll applications, we don't have time for that.
Hope everyone is doing well
I’d say let’s do this the WSB way
if I were a mod I'd make time for that,
I nominate Sloppy.
Demand for new mods? Bullish!
Close a daily above 7.5k and I'll be convinced we found the bottom for now. If that fails, I'll short this mofo to the ground.
Let me get this straight... You want to go down 10% in less than 24 hours, and then climb 20% in the same 24 hours for you to be happy... cool!
What is everyone talking about? What FOMO? What big jump? We're still down a thousand dollars from two days ago. What the hell?
Only makes sense to ask this question after you've blocked the 90% who aren't funny and/or don't post useful insights, and you have your own method to trade that makes sense to you. Otherwise, who cares what "everyone" is talking about. What the hell?
But we are also up almost a thousand dollars from about 18 hours ago. Not saying this is the push, but we bounced right off the descending triangle that has been going since June.
All i see are lower highs and higher lows.
Bulls are getting relentlessly downvoted. Fun time in crypto today.
was the other way around when we went down from 9k
Bulls enjoy hope, bears enjoy despair. Says something about the underlying personality profile IMO.
Were the mods liquidated? If only I could long shitposts with 10x leverage. Is there a different forum for BTC with serious posts and analysis?
Most of your posts are shitposts. This sounds like insider trading.
My comment below [fill my gap baby] was a wholly detailed yet concise analysis of the current situation. You just need to extrapolate the remaining context.
What more do you want?
bitcointalk speculation can be a little more levelheaded
Serious posts and analysis have all been rekt
C'mon fill my gap baby...
Top of the CME gap was what $7338? Interesting to see what happens once it's closed.
well if you look at 12hr chart there is supposed to be another one at 5k-6k and one at 11k-12k. i missed the one at 5k a few weeks back b/c i wasn't looking at 12hr chart.
Hi Wardser, since you took a hit yesterday and i very much like you and appreciate your contribution to this sub.
I would like to tell you that maybe you should reconsider the stop loss on this position and or taking profits earlier (in contradiction to your regular way of trading ).
since we fell off of 9500 every drop's correction has only tested about 1/2 of the drops original price (4H binance).
This time we have recovered the full price back, i think this may indicate a change of sentiments.
Altough i think your position is great for lower time frames and we may restest 7000 soonish, i also think that a good chance that if we test 7400 again it will go straight forward into your stop loss.
I really don't want you to second guess yourself and make you lose money, but on the other hand knowing that you might be a little stressed out , I just wanted to point this out for you.
Anyways good luck and hope you make lots of moneyz.
New to bitcoin? 🤡
Also you gotta stop posting 10x. its not 10x if you're only using 10% of 100 BTC. your stops would be well near a regular persons liquidation price.
any reasoning? you were in a long for the 40% pump. I remember you closed at 10k and opened a short but then went long again at 9k and road that long down to here, so why short now?
looks like a v bottom across the board to me
lol, good luck with that. Doesn’t look like a bull trap to me.
Black Friday campaign gives U.S. shoppers first taste of Bitcoin.
₿lack Friday
Now that's cool.
Needs more URL
Pulltherug.bat any second
Expecting Arthurs excalibur up 200$ and then down to goblin
Some virgins will never find a bottom REEEEEEEEEE
If the recent dumps are due to China's crackdowns, your program will not run. This is an entirely uncharted pattern the last few days... something else is at play here.
Great looking V-bottom!
Here we go, now things are getting interesting. Bears, are you adding short positions at resistance?
After the last big green dildo in October 25th it would be silly not to short every pump.
I'm looking to short above 7500
Closing my long from 7180 USD and going for a short at 7330 USD.
Longing from 7170 was a bit of a nail-biter for a while there, and I could close with a decent scalp profit here.
Why would I do that? I'm likely to ride this out until the end of the day tomorrow when the 10/26 BGD tamp-down wick gets covered. Or maybe I'll take a profit before bed tonight. Play it by ear, I guess...
Looks like bears are successfully defending resistance. Too bad. Maybe bulls take another couple cracks at it.
With the parabera broken will we now retrace 80% of this dump in a week? LOL
this could squeeze shorts hard now
already seeing the first liquidations on mex
I think if it bursts past 7400 we may see a short squeeze. Since it's worked for months now to short the highs, things may get messy very soon.