Over the past two weeks the Accumulation/Distribution Line has been decreasing while the price of BTC has been increasing, on top of a Bearish wedge formation as well. This is a classic Divergence. It implies that the current price growth of BTC is not organic and there is little to nothing that is holding this price up. This inorganic price increase is an indicator to my fundamental analysis catalyst that of which is the winklevoss etf. With Bitcoin being so heavily manipulated, it would not be out of the ordinary to assume that major market makers have been selling their bitcoin (maybe shorting while doing so) in an attempt to accumulate more at a lower price before the Winklevoss ETF, which would provide monetary gains to which one could not describe with any adjective in the English dictionary. The last run-up in anticipation for the Winklevoss ETF occured 12-14 days before its approval. This would give the inorganic price 12-14 days to retrace back to the support levels of $5,900 to $6,200 around September 16th-18th. From there the major market makers would slowly bring back their influx of money, accumulating more Bitcoin, in anticipation for the final Winklevoss ETF decision 12-14 days later on September 30th. With all things considered, I have decided to take a low leverage short position for this play with intent to increase my position at/around the $7000 mark, and to increase my leverage and position at or around the $6900 mark.
Think like a whale, trade like a whale.
Thanks for watching.
James
Think like a whale, trade like a whale.
Thanks for watching.
James