BTC is currently in the downward triangle. Traders believe that such a formation in most cases will move the price down.
Despite this, the size of the longs greatly exceeds the shorts. The reason for this may be how often is happening - the manipulation of MM abd crypto exchanges themselves, topush people to go "against the market" and go short.
Nevertheless, I expect the price to move upward in the range of 8.9k - 10.2k, since currently BTC is oversold and most are waiting for a downward movement. Plus moove to 8.9k also corresponds to the fibonacci indicator.
From this range, I expect MM to again be unloaded on the up trend, the same as it was at 13k-12k. By my calculation, this will be the last long and strong drawdown, on a bearish trend, over the next half year.
Despite this, the size of the longs greatly exceeds the shorts. The reason for this may be how often is happening - the manipulation of MM abd crypto exchanges themselves, topush people to go "against the market" and go short.
Nevertheless, I expect the price to move upward in the range of 8.9k - 10.2k, since currently BTC is oversold and most are waiting for a downward movement. Plus moove to 8.9k also corresponds to the fibonacci indicator.
From this range, I expect MM to again be unloaded on the up trend, the same as it was at 13k-12k. By my calculation, this will be the last long and strong drawdown, on a bearish trend, over the next half year.
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So, at the moment BTC is breaking up through a downward triangle. That move closed a lot of STOP LOSS short orders, that will give more power to rich the 8900 target.
For now the chart formed a new side channel, which classic in that formation is short term unloading channel, keep in mind that this can be intentional made formation by MM so for now - this is 60% chance for discharge channel. And only 40% chance for accumulation channel.
In any case, now BTC have power to go to 8900, (with false downrebound from 8600)
Likes and comments are very welcomed) Keep in touch.
For now the chart formed a new side channel, which classic in that formation is short term unloading channel, keep in mind that this can be intentional made formation by MM so for now - this is 60% chance for discharge channel. And only 40% chance for accumulation channel.
In any case, now BTC have power to go to 8900, (with false downrebound from 8600)
Likes and comments are very welcomed) Keep in touch.