The chart is busy but for a good reason, similarities I see.
Objective:
BTC respecting consolidation zones (yellow squares) on high time frames.(Recently rejecting from the underside of our 11k-13k zone)
Fib circles (drawn from highest point to the next highest point after the 1st breakdown (jan 20th 2018, and july 18th 2019)
Fib extensions (left margin of each chart, drawn from top to bottom of highest consolidation range, 0.99 extension is pink and my target on both charts)
There are also 4x the amount of longs to shorts on bitfinex Data, no shorts left to squeeze, and public interest is not increasing.
The thick red/blue dotted lines are at the same price on both charts, its interesting to see the reason why 13k rejected.
Subjective:
Price action has become less organic and more looking like bots/quants wrecking margin traders (ie. the sharp moves up and down are back from the previous bear market)
I left the moving averages and little white squares to show that we are actually making patterns in a more "bullish place" than before. (Ex. a bounce from the 50ma before is a bounce from the 20ma now).
You can either reason that we're more bullish overall, or that over performance to the upside leads to overperformance to the downside and that it was due to the 30k shorts we thought we had until 25k were "claimed" on bitfinex, leaving us with only 5k. We'll find out within the next week.
Good luck and lets see what happens. I'll consider myself wrong if price gets to 11650 before 8.8k
Objective:
BTC respecting consolidation zones (yellow squares) on high time frames.(Recently rejecting from the underside of our 11k-13k zone)
Fib circles (drawn from highest point to the next highest point after the 1st breakdown (jan 20th 2018, and july 18th 2019)
Fib extensions (left margin of each chart, drawn from top to bottom of highest consolidation range, 0.99 extension is pink and my target on both charts)
There are also 4x the amount of longs to shorts on bitfinex Data, no shorts left to squeeze, and public interest is not increasing.
The thick red/blue dotted lines are at the same price on both charts, its interesting to see the reason why 13k rejected.
Subjective:
Price action has become less organic and more looking like bots/quants wrecking margin traders (ie. the sharp moves up and down are back from the previous bear market)
I left the moving averages and little white squares to show that we are actually making patterns in a more "bullish place" than before. (Ex. a bounce from the 50ma before is a bounce from the 20ma now).
You can either reason that we're more bullish overall, or that over performance to the upside leads to overperformance to the downside and that it was due to the 30k shorts we thought we had until 25k were "claimed" on bitfinex, leaving us with only 5k. We'll find out within the next week.
Good luck and lets see what happens. I'll consider myself wrong if price gets to 11650 before 8.8k
Trade active:
Trade is still on and doing well. I can forsee another bounce at 9.4k today (7/24/19 or tomorrow up to 9.8-9.9k, where the recjection there will lead to the move down to 7-8k area which I'll be buying depending on the price action.
In other words, where this bounces (if it does 9.1, or 9.4) and where this rejects from next (9.8, or 10.1k) will determine how hard and fast this turbo dumps ($1000 in a day candles)
In other words, where this bounces (if it does 9.1, or 9.4) and where this rejects from next (9.8, or 10.1k) will determine how hard and fast this turbo dumps ($1000 in a day candles)