BTC is trying to postpone the pump as long as possible. Probably until all the people who are long fold, close their longs, go short. Then it starts pumping.
The high long short ratio probably kept BTC from rising sooner, I though that it would start climbing to 5k much sooner. But apparently it tries to really drag it out as long as possible. However, it can fight the pump only for a limited amount of time. Re-visiting the logarithmic resistance line, is a must for bitcoin, it really likes doing that stuff. Also weekly stoch RSI is pointing towards that, and the ultra low weekly RSI. A short term rebound before the next leg down is needed!
If not, then I don't know bitcoin any more, honestly. If it just continues to decline down from here below 3k, this would be ultra weird.
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Soon at resistance, I expect a dip there before the breakout:
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Dipped exactly as predicted at resistance:
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Still exactly following the line I drew:
However, longs don't want to go down, they keep being high. If the long short ration doesn't improve, meaning going towards more shorts than longs, well, then the probability for a break to the downside increases again.
We still might see a break to the upside, but with these large long postitions, it probably won't be a strong breakout. Let's see.
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BTC has broken out of the wedge, almost exactly following the lines I drew. However, the long positions just don't want to fall, they are still too high for an efficient pump. Only if shorts were higher, would we see a good pump because of short squeeze.
I think we might just slowly creep sideways/upwards, until weekly stoch RSI goes to overbought. It won't reach 5000s probably, we can be lucky if BTC in its current state, can reach 4500:
And even that could take 2 months of slow creeping, until the next dump comes.
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The likelihood for this scenario is decreasing, since the longs are rising and rising. We might not see a bounce after all, but instead a dump directly from here.
I don't think so. All I can see ist that all signs point to another dump
Boon2
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BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
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