{"id":405096,"date":"2019-11-21T18:00:54","date_gmt":"2019-11-21T18:00:54","guid":{"rendered":"https:\/\/wncen.com\/?p=405096"},"modified":"2019-11-21T17:03:07","modified_gmt":"2019-11-21T17:03:07","slug":"legendary-bitcoin-short-seller-says-to-watch-for-base-to-form-before-buying","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/legendary-bitcoin-short-seller-says-to-watch-for-base-to-form-before-buying\/","title":{"rendered":"Legendary Bitcoin Short Seller Says To Watch For Base To Form Before Buying"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">A legendary short seller <a href=\"https:\/\/wncen.com\/2018\/12\/19\/prominent-bitcoin-short-seller-covers-crypto-bottom-inbound\/\">who shorted the 2017 Bitcoin bubble top<\/a> just before the bubble began to deflate, has some sound advice for crypto investors looking for an opportunity to buy: Wait for a base to form, much like what happened in early 2019 when <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> bottomed.<\/span><\/p>\n<h2>Mark Dow, Legendary Bitcoin Shorter, Dissuades FOMO-Buying BTC<\/h2>\n<p class=\"p1\"><span class=\"s1\">Mark Dow is a global macro trader and author of the blog Behavioral Macro. The former US Treasury economist focuses his analysis on technicals based on market behaviors and has a knack for calling tops and bottoms.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"><a href=\"https:\/\/wncen.com\/2018\/12\/19\/prominent-bitcoin-short-seller-covers-crypto-bottom-inbound\/\">Dow famously shorted Bitcoi<\/a>n at its 2017 peak and then tweeted about how <a href=\"https:\/\/wncen.com\/2018\/12\/19\/prominent-bitcoin-short-seller-covers-crypto-bottom-inbound\/\">he had closed the short back in December 2018<\/a>, just as Bitcoin bottomed. Although he at that point said he had \u201cabsolutely zero interest in going long,\u201d he eventually began to notice signs Bitcoin was forming a solid base and flipped bullish in March just ahead of Bitcoin\u2019s 2019 parabolic rally.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/11\/18\/crypto-market-fear-index-suggests-bitcoin-price-has-further-to-fall\/\">Crypto Market Fear Index Suggests Bitcoin Price Has Further To Fall\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">That base, Dow says, is an important signal to watch for before buying <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> given the current downtrend it is in. Until that base begins to form, Dow says its best to use a wait and see strategy.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">In his <a href=\"https:\/\/behavioralmacro.com\/bitcoin-fomo-patterns-and-where-do-we-go-from-here\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">latest blog post on Behavior Macro<\/a>, Dow explains that although he understands that \u201cFOMO here is irresistible\u201d for those \u201cfundamentally bullish\u201d on Bitcoin, it doesn\u2019t mean that buying here is a smart idea.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> is dying.<\/p>\n<p>&mdash; Dow (@mark_dow) <a href=\"https:\/\/twitter.com\/mark_dow\/status\/54138880?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 21, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p class=\"p1\"><span class=\"s1\">Dow claims that after a massive selloff, \u201ca lot of technical damage\u201d has been done that \u201cneeds to be repaired\u201d before a safe entry in a long-term position is possible. The two most important things Dow says traders and investors need to be aware of is building a base \u2013 much like what happened at Bitcoin\u2019s $3,000 bottom \u2013 and overhead resistance.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He suggests that <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> is nowhere close to building a solid base, and overhead resistance was clearly too strong that the entire historical rally has since been erased completely, leaving nothing but massive wicks into that resistance behind on Bitcoin price charts.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/11\/15\/uncommon-bitcoin-metric-suggests-massive-profit-taking-is-underway\/\">Uncommon Bitcoin Metric Suggests Massive Profit Taking Is Underway<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">For fundamental Bitcoin bulls that can\u2019t resist taking a position at current prices &#8211; down nearly 50% from the year\u2019s highs \u2013 then it is recommended being \u201cultraconservative.\u201d Dow even specifies that taking a short position here also isn\u2019t advised and could be just as risky.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Those that do take a position are advised to set tight stops due to the chance volatility picks up or be stuck babysitting the position, ready to flip the other direction depending on price action. Otherwise, watch for a base to form before buying more BTC or opening a long position, no matter how appealing current low prices may seem.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A legendary short seller who shorted the 2017 Bitcoin bubble top just before the bubble began to deflate, has some sound advice for crypto investors looking for an opportunity to buy: Wait for a base to form, much like what happened in early 2019 when Bitcoin bottomed. Mark Dow, Legendary Bitcoin Shorter, Dissuades FOMO-Buying BTC Mark Dow is a global macro trader and author of the blog Behavioral Macro. The former US Treasury economist focuses his analysis on technicals based on market behaviors and has a knack for calling tops and bottoms. Dow famously shorted Bitcoin at its 2017 peak and then tweeted about how he had closed the short back in December 2018, just as Bitcoin bottomed. Although he at that point said he had \u201cabsolutely zero interest in going long,\u201d he eventually began to notice signs Bitcoin was forming a solid base and flipped bullish in March just ahead of Bitcoin\u2019s 2019 parabolic rally. Related Reading | Crypto Market Fear Index Suggests Bitcoin Price Has Further To Fall\u00a0 That base, Dow says, is an important signal to watch for before buying Bitcoin given the current downtrend it is in. Until that base begins to form, Dow says its best to use a wait and see strategy. In his latest blog post on Behavior Macro, Dow explains that although he understands that \u201cFOMO here is irresistible\u201d for those \u201cfundamentally bullish\u201d on Bitcoin, it doesn\u2019t mean that buying here is a smart idea. #Bitcoin is dying. &mdash; Dow (@mark_dow) November 21, 2019 &nbsp; Dow claims that after a massive selloff, \u201ca lot of technical damage\u201d has been done that \u201cneeds to be repaired\u201d before a safe entry in a long-term position is possible. The two most important things Dow says traders and investors need to be aware of is building a base \u2013 much like what happened at Bitcoin\u2019s $3,000 bottom \u2013 and overhead resistance. He suggests that Bitcoin is nowhere close to building a solid base, and overhead resistance was clearly too strong that the entire historical rally has since been erased completely, leaving nothing but massive wicks into that resistance behind on Bitcoin price charts. Related Reading | Uncommon Bitcoin Metric Suggests Massive Profit Taking Is Underway For fundamental Bitcoin bulls that can\u2019t resist taking a position at current prices &#8211; down nearly 50% from the year\u2019s highs \u2013 then it is recommended being \u201cultraconservative.\u201d Dow even specifies that taking a short position here also isn\u2019t advised and could be just as risky. Those that do take a position are advised to set tight stops due to the chance volatility picks up or be stuck babysitting the position, ready to flip the other direction depending on price action. Otherwise, watch for a base to form before buying more BTC or opening a long position, no matter how appealing current low prices may seem.<\/p>\n","protected":false},"author":517,"featured_media":405098,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[62051,428,6664,17267,17223],"class_list":["post-405096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-behavioral-macro","tag-bitcoin","tag-crypto","tag-mark-dow","tag-short-selling"],"acf":[],"yoast_head":"\n<title>Legendary Bitcoin Short Seller Says To Watch For Base To Form Before Buying<\/title>\n<meta name=\"description\" content=\"A legendary short seller who shorted the 2017 Bitcoin bubble top just before the bubble began to deflate, has some sound advice for crypto investors\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/legendary-bitcoin-short-seller-says-to-watch-for-base-to-form-before-buying\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Legendary Bitcoin Short Seller Says To Watch For Base To Form Before Buying\" \/>\n<meta property=\"og:description\" content=\"A legendary short seller who shorted the 2017 Bitcoin bubble top just before the bubble began to deflate, has some sound advice for crypto investors\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/legendary-bitcoin-short-seller-says-to-watch-for-base-to-form-before-buying\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-21T18:00:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-21T17:03:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/bitcoin-base-crypto-mark-dow-shutterstock_1196616580-860x570.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"860\" \/>\n\t<meta property=\"og:image:height\" content=\"570\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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