Hi All, We think recent bull run during BitMex offtime was to cover the short positions which was second highest of all time. Many positions would have been liquidated or would have been closed at loss.
We think Bull Run wont last long, it was just a flashy show to close short positions. Does this mean BTC wont reach 7k or cross it ? We still agree on the part that BTC would reach 7k but before that, it needs to break 6k barrier and go down further.
TA: Volume which came in recently was to break the short positions and hence wont last long, they should take their profit and leave, so we can see small dip immediately, and a further rise a bit because closing of long positions to take profit.
Once these events come to closure, we don't expect any more volume as currently BTC is in consolidation phase. Once Short Positions get closed sufficiently, we will still see a downtrend testing 6k support and breaking it further down to 5500 USD.
PS: Above all are my own personal view, decide based on your own research. If you agree hit like and follow , have doubt or wanna speak up , comment.
TC
Trade closed manually
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it has over corrected itself to previous path (market manipulation).. hence this TA doesnt holds good anymore ... i was expecting a drop .. but not a death drop
Your last comment was "long", but i think it will go down until mid of 2019.
Here is why (based on last episode of "bitcoin going moon")
TheAlphaTrades
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Interesting
Love your analysis! Here's my take:
In today's Bitcoin analysis I discuss the artificial price move from yesterday, the ETF's at play, Bitmex's shady move, and where I see price going potentially if supports hold:
kryptotimes
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it has over corrected itself to previous path (market manipulation).. hence this TA doesnt holds good anymore ... i was expecting a drop .. but not a death drop
UnknownUnicorn2454397
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Why does it "need to" go down?
kryptotimes
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@gainsbeast, price action... only in 1 / 10 chances price travels its range in one go... else it at least need 2 attempts to complete the range ... since this is first run of the range (b/w 2 black lines), i m expecting it have one more low ...could be anywhere b/w 5600 to 6k
kryptotimes
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b/w 2 bigger black lines**
UnknownUnicorn2454397
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@kryptotimes, BTC has taken many price ranges during it's downturn. Every pennant or triangle has only ever broken out, or broken down into another pennant or wedge collectively forming a rounded bottom and price transition from bearish to bullish. Price could go down but is not certain, and I wouldn't say any more likely than going up. If you look closely, we have potentially formed a different wedge (green) and the chances of break out would be more bullish than bearish.