Bitcoin possible descending triangle top forming, 1500$ drop?!?
Hi guys,
if you wish to follow daily updates, please check out my live channel on Youtube or Facebook @ The Dang Oracle, 7.30 PM (UTC+8)
currently we can see Bitcoin broke down and out of the rising channel it has been in since our recovery move since the killer drop on March 13
things are starting to look very toppy, and usually after breaking down from a channel, we do get an anemic push back up towards the breakdown spot of the channel
marking this territory at around 9.5k range.. however, we can see that a big resistance is starting to form around that area with also lower highs that keep getting formed
as well as a double top formation, which is making me quite bearish for the next coming week
we have also touched that 8.6k support line a few times now, although it is very strong support, eventually it will break if we keep creating lower highs and bounce off from it
so with CME contracts set to expire on May 29, I still think we will get a little push higher towards the 9.5k range but.. when those (mainly) long contracts close and all the
"halving" hype gone, I think they will switch that in a short very quickly hence, I believe we will get a large drop downwards with not only miners capitulation due to the
price not being high enough for Antminer S15 machines to be profitable any longer after the halving as well as retail investors volume starting to simmer down
and whilst the retail will be holding most of the high prices (they jumped into the halving hype and finally started buying around the 9k-10k range), they will once again
be ending up holding the hot potato when price is going to get smashed back down with all the bitcoin that was accumulated by the professional traders or institutions
from 3.8k-7k area.. and once they finally give up and panic sell at the low and making loss prices.. that's when price will back up again :) the cycle of life :)
so would be very cautious over the next few days, especially on May 29 when CME futures will be expiring
-Ryu
#stayhome #staysafe #staycovidfree
if you wish to follow daily updates, please check out my live channel on Youtube or Facebook @ The Dang Oracle, 7.30 PM (UTC+8)
currently we can see Bitcoin broke down and out of the rising channel it has been in since our recovery move since the killer drop on March 13
things are starting to look very toppy, and usually after breaking down from a channel, we do get an anemic push back up towards the breakdown spot of the channel
marking this territory at around 9.5k range.. however, we can see that a big resistance is starting to form around that area with also lower highs that keep getting formed
as well as a double top formation, which is making me quite bearish for the next coming week
we have also touched that 8.6k support line a few times now, although it is very strong support, eventually it will break if we keep creating lower highs and bounce off from it
so with CME contracts set to expire on May 29, I still think we will get a little push higher towards the 9.5k range but.. when those (mainly) long contracts close and all the
"halving" hype gone, I think they will switch that in a short very quickly hence, I believe we will get a large drop downwards with not only miners capitulation due to the
price not being high enough for Antminer S15 machines to be profitable any longer after the halving as well as retail investors volume starting to simmer down
and whilst the retail will be holding most of the high prices (they jumped into the halving hype and finally started buying around the 9k-10k range), they will once again
be ending up holding the hot potato when price is going to get smashed back down with all the bitcoin that was accumulated by the professional traders or institutions
from 3.8k-7k area.. and once they finally give up and panic sell at the low and making loss prices.. that's when price will back up again :) the cycle of life :)
so would be very cautious over the next few days, especially on May 29 when CME futures will be expiring
-Ryu
#stayhome #staysafe #staycovidfree