After the recent bull run, many bitcoin analyst target the old time highs (20000 $). However based on my analysis, BTC is in a very important short manipulation zone. The first objective is in the 10832 $, the full potential that I give to this movement is up to the 9475 $, it could continue even lower. The risk/reward ratio's are extremely favourable.
Comment:
The first retail longs stop-losses have being hit, a logical sharp movement have occur. There is the possibility of an institutional short accumulation pullback.
Comment:
New short position added at 10600
Comment:
The movement doesn't have the down force that was expected, therefore, a first take profit will be taken if price continues to behave in the same way at a lower price level, stops have been moved to break even.
Comment:
The lower lows are not representing bear force. However the last push from the last short position opened at 10600 shows that the institutional investors are collecting more and more stop-losses from retail shorts, to move in the down direction that is expected. The price will be actively analyzed to understand the institutional movements and take decisions.
Trade closed manually:
Break even reached