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Experiment: I'm shorting BTCUSD (CFD trade) from $12,200 to $8,500 -- to see if betting against Reddit sentiment can be profitable.

Experiment: I'm shorting BTCUSD (CFD trade) from $12,200 to $8,500 -- to see if betting against Reddit sentiment can be profitable.

Bitcoin Reddit

Reddit / Bitcoin Reddit 30 Views

Now, before you downvote this post, please consider that it's r/Bitcoin and not r/ProBitcoin. Having said that, I'm not against it. I'm just documenting an experiment, so bear with me.

Without going into detail, I've studied market manipulation extensively for the last few years, and I believe the Bitcoin chart is in the process of manipulating the market into taking long positions (buying; HODL). The aim is to either take your stop loss or scare you into selling.

I posit that it is about to fall significantly. Likely to below $8,500. If you bought at $11-12k, that kind of fall might scare you mightn't it?

And there's the thing, so many Redditors have just bought and are happy to hold at the moment, I think it's worth betting against that sentiment. The unpopular view always wins in the market, otherwise we'd all be rich.

In summary, I'm betting that a nice deep retracement is imminent, precisely because you're all banking on it not being the case.

Just my two pennies. We'll find out soon enough.

submitted by /u/user__xx
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