For now, going to keep it short. Whales fooled most people once again. Again confirming these people manipulate the OI on Bitmex to give false impressions. They probably noticed people have become smarter past year so they need to adjust their tricks. They also changed their spoofing tricks lately, but that has become random lately and IMO it's best to ignore that from now on.
Anyway, for the coming days, for the bulls, think it's important to see a few bounces and retests, something like on the right. The curved shape is a line a drew a few days ago (similar to the one i showed for ETH). Think that was and still is the most important zone bulls need to break. I am still bearish and still wait patiently for prices to come back down in the 6500/7500 zone. I will/might change my mind if we see a nice bottom formation coming days, as i have tried to draw on the right. So Think we need to touch 9000ish or peak slightly above it even and then come back down to re test support again, to see if there are enough buyers again willing to buy. If that plays out, then waiting for things becoming clearer, that bulls intend to break that curved shape. If this plays out, i will prob change my mind about waiting for a big drop. So i assume, coming days we won't see anything special happen.
Something i just posted in my channel (chart i showed here a month or 2 ago as well).
Anyone remember this chart/message below i posted a while back and made like half year ago?
Not to show off, i don't care about that. It's to show, how important it is to have a plan upfront. Now i also adjust my plans when needed. But the big difference is:
When NOT having a plan, you easily get caught up with the market sentiment and ignore other signs like everyone does at that moment. (Hopium) When having a plan, you still try to see those other signs and you take both sides into consideration and then decide what to do. Adjust the plan due to real circumstances or sticking to it.
Made this a week ago, general impression. But think if we break 7500ish withing like week or 2. Think big chance we might be headed for a big bear market again coming 6/12 months. Second option is the one on the right. Slower less violent drop coming month or so
Coming week or so, i will try to make am educational post on this planning ahead and also try to make a post on what i think was going on past weeks, which tricks the whales used to fool the market. Btw, on the left you can also see other distribution "bull"flags, what i meant with my previous analysis.
Please don't forget to like if you appreciate this and want to support me :)
Previous analysis:
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So far moving as the blue line, so at the moment that version is in play. Think max low of 8400, maybe 8350, but ideally low is set already now. Now the high yesterday was decent, but rather had it seen above 9000. Because now this could also turn into a bear flag, while if it got above 9000, that would have been unlikely.
Now 8700/750 is a first resistance for the bulls. I have drawn a triangle, but can't say i like it, because of the new low we just made.
So for the bulls, you want to see another push up towards 9000, then a drop and make a higher low, similar to the blue line on the right. Bears, think as long as the curved line doesn't break, your in favor. But i do think it's likely to think that for now, the 8400/500 will hold. So think some profit taking would be wise and wait it out. If we move up some, great, if we break down, also great :)
Unbelievable. A week of the price not doing what people want and everyone changes their tune. Two weeks ago everyone was so bullish. "we have a bull market for the next two years! Straight to 15,000 then 30,000 then to the moon!" A few bad days and suddenly the future is so grim. Good thing i read all of these analyses with a pound of salt.
@DirtyDust, LoL, there is no crystal ball in trading markets. You adapt with the price or you get rekt. When markets are moving up, it's bullish. When markets are moving down, it's bearish. Short-term, Mid-term, Long-term can all be different bullish/bearish views. the best traders are the ones who can adapt and not get stuck on one forecast.
botje11
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@DirtyDust in crypto the masses are almost always wrong, they get spoiled for a while, depending on momentum and volume we can try to predict how for it goes their way
cryptotrain
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@DirtyDust, you need to check your blood pressure and get hydrated. A pound of salt can be dangerous. haha capa
its probably time for a crazy btc pump too 9500 then slowly drift off to lower lows. The game is simple. accumulate more btc. that's all. we won't go below 6k. because we are making a huge vhf pattern what will turn btc to new all-time highs. ass long as you gain btc u will be fine.