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Since my first video analysis on bitcoin I have trying to make sense out of this rally, but for some reason I feel like a piece is missing here.
It's just too strong and violent, too fast -- like it's trying to convince the crowd --
I said that if BTC does not go below 3.6-3.7k my stance will be intact and i will be looking to add my position.
However many bulls are doubting it will even reach 4.5k which is my target for the correction - even I am not sure if it will reach that price level again (most probably it will though).
I tried to analyze as much data as possible and i found some key evidence that i think might hold some relevance and It's the from the last big rally in BTC which keeps coming back to me.
The problem I see here is that the timespan is just too fast, we're already hitting those big warnings way to early, it's like the market doesn't even want to consolidate.
Looking at the shape of the and the right now, it's resembling A LOT what the ATH crash looked like - when we moved down 80%+.
I'm not saying it's going to correct 80% from here but what I'm saying is that this pattern thats emerging now is scarily resembling the crash of last year after the sellout.
However judging only by the pattern it looks like this rally could keep going a lot higher as well, so there is a sort of dilemma here - the issue for me is the timeframe.
- To the left we have the 1 WEEK chart
- To the right we have the 1 DAY chart
And they look very, very similar.
We have pretty much copied the entire from the last ATH in 1/6th of the time. What's up with that?
For me it looks like a flush is about to happen to clean up the market once more.
It looks orchastrated, manipulated and to artificial for me to buy into right now.
Don't get me wrong, I AM on BTC but there is just something going on here that most of us are missing.
BTC Could very well reach 10,000 before this materializes. We will know soon enough.
Until then, tread carefully.
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