It's very clear that there is a ton of upside pressure on BTC right now. Any dip in the last few days has been met with aggressive buying. BTC could go up higher. I don't know where precisely it will turn as this is crypto and pinpointing that exact moment can be difficult. But let me lay out what I am looking at for the turn and why I think it's just a matter of time before it does indeed turn back to the downside.
Here is one simple question for you. Do you honestly believe BTC will just go straight to the moon? Seriously, it will just go straight to 100k? Markets ebb and flow. Major players who bought in at 3k have now made just shy of 4x on their money.
Let's look at this from the perspective of the big boy's. Coinbase. Bitmex. Binance. Etc... When there is a ton of FUD like there was to drive BTC to 3k. It's the perfect time to scoop up cheap BTC from retail traders. Conversely, when there are moon shoot calls everywhere, it's a perfect time to dump expensive BTC on retail traders. Think about this, these major players bought BTC down at 3k in major blocks. Anyone of these guys that bought 100 million USD worth of BTC now has 400 million USD worth! Do you honestly think they aren't slowly dumping on retail traders on every average joe that believes we are going to the moon? And do you honestly believe that as major corporations they all believe that they will put BTC going to the moon over Investors, share holders, employee's they need to pay? Money to stash in their coffers? They don't need it to moon or go to 20k right now. they just made MILLIONS and BILLIONS of dollars. They need price to stay up at these highs for as long as possible to transfer their purchases to retail traders. When the gig is up and these large players start competing for who is going to take profit, you will see a cascade to the downside and we'll get our pull back. Maybe we go a little higher soon. But we will indeed get a pullback here in the near future.
Technically, we are at this major resistance of 12k. A 50% fib. RSI double top. While MACD is still strong, for the reason's I outlined above, I believe it's just a matter of time before we move further down. For healthy markets we need ebb and flow, not straight to the moon. We are at a point where a pullback will happen it's just a matter of when.
Happy trading and hodling,
-Sherem
Here is one simple question for you. Do you honestly believe BTC will just go straight to the moon? Seriously, it will just go straight to 100k? Markets ebb and flow. Major players who bought in at 3k have now made just shy of 4x on their money.
Let's look at this from the perspective of the big boy's. Coinbase. Bitmex. Binance. Etc... When there is a ton of FUD like there was to drive BTC to 3k. It's the perfect time to scoop up cheap BTC from retail traders. Conversely, when there are moon shoot calls everywhere, it's a perfect time to dump expensive BTC on retail traders. Think about this, these major players bought BTC down at 3k in major blocks. Anyone of these guys that bought 100 million USD worth of BTC now has 400 million USD worth! Do you honestly think they aren't slowly dumping on retail traders on every average joe that believes we are going to the moon? And do you honestly believe that as major corporations they all believe that they will put BTC going to the moon over Investors, share holders, employee's they need to pay? Money to stash in their coffers? They don't need it to moon or go to 20k right now. they just made MILLIONS and BILLIONS of dollars. They need price to stay up at these highs for as long as possible to transfer their purchases to retail traders. When the gig is up and these large players start competing for who is going to take profit, you will see a cascade to the downside and we'll get our pull back. Maybe we go a little higher soon. But we will indeed get a pullback here in the near future.
Technically, we are at this major resistance of 12k. A 50% fib. RSI double top. While MACD is still strong, for the reason's I outlined above, I believe it's just a matter of time before we move further down. For healthy markets we need ebb and flow, not straight to the moon. We are at a point where a pullback will happen it's just a matter of when.
Happy trading and hodling,
-Sherem
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Previous idea:
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Hey, smash that like button
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A word on flows. Think about this for a minute. Why aren't ETH, LTC, XRP and other majors going up with BTC? Money flows. Money is flowing out of alts and into BTC. It keeps pushing BTC higher and all the crosses are piercing the lows or near to it. ETH/BTC, XRP/BTC, etc...
When the money flow party into BTC stops, BTC is gonna have a bad time.
When the money flow party into BTC stops, BTC is gonna have a bad time.
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and there you have it.
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Call me the Canary in the coal mine. What a move. All the gains erased in seconds. Crazy
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Anticipate some chop up, but ultimately we are going down.
