I do believe that our correction is not done yet. We haven't seen correction and true bottom yet.
- Recent run from 6.5k to 10k does not look organic. I do believe it is a bull trap. Huge pump by the whales. Whales do not buy
BTCUSD
as an investment, they are buying it to sell for 30%-40% of profit.
-
BTCUSD
is losing momentum. We are hovering between 6.5 to 10k. We do not have enough momentum to reach higher highs anywhere soon.
- A lot of manipulation by "market makers" and common TA does not really always apply. It is easy to manipulate markets when volume is so low.
- 4800 could be perfect retracement to reach higher highs in ear future.
Comment:
This is my main idea now. C is still in progress. However, we might see strong bounce soon due to short squeeze that might happen very soon. After that, we will reach our final targets.
Note how shorts formed beautiful cup and handle.
Note how shorts formed beautiful cup and handle.
Trade closed: target reached:
Target reached. Let's see if we go down more or here we have bottom.
Unfortunately, supply and demand rules will apply. At the current moment, there is a lot of supply, but not enough demand. Sooner or later sell-off will start and we will find bitcoin hovering around 4k-5k for quite some time.