The 4 hr chart is showing that we have broken down from the rising wedge. It is also showing another small rising wedge forming meaning we most likely will go down.
Now, what the Perma Bulls are forgetting is that before the rally BTC was on its way to the 15.5k target. Then Binance injected a billion dollars into BTC causing it to go up. FOMO kicked in and a bunch of retail investors started making buys pushing the price even higher. Key words are retail investors. The whales and institutions did not join the rally. That's why it didn't reach 30k. Most of the buy orders where already around 10-15k price range. That's why they weren't triggered during the rally. Hence why the orders that were filled between 27-28k have been liquidated. This rally has nothing behind It. We first have to fill the CME gap at 19.5k but once 20k is broken lots of long positions will be liquidated causing a flash crash that will bring us to our original target of around 15k. At this point bitcoin will rise again.
If the whales join the party and push the price above 30k then the bull run can start. Until then be very careful.
Good luck to all and I wish everyone financial abundance.
Now, what the Perma Bulls are forgetting is that before the rally BTC was on its way to the 15.5k target. Then Binance injected a billion dollars into BTC causing it to go up. FOMO kicked in and a bunch of retail investors started making buys pushing the price even higher. Key words are retail investors. The whales and institutions did not join the rally. That's why it didn't reach 30k. Most of the buy orders where already around 10-15k price range. That's why they weren't triggered during the rally. Hence why the orders that were filled between 27-28k have been liquidated. This rally has nothing behind It. We first have to fill the CME gap at 19.5k but once 20k is broken lots of long positions will be liquidated causing a flash crash that will bring us to our original target of around 15k. At this point bitcoin will rise again.
If the whales join the party and push the price above 30k then the bull run can start. Until then be very careful.
Good luck to all and I wish everyone financial abundance.