This has been a very difficult flag one which has waiting until the last possible second to do a bullish fakeout and then also a bearish fakeout. Seeing as how we are at the end of the apex I'm guessing it will be quite difficult for it to do yet another fakeout downward...also futures have expired today so there's no real reason for whales to push it down...the fud about the Winklevoss rejection has also now been counteracted with the chairwoman of the SEC "dissenting" with the ruling(conveniently timed). Her reaction tells me we might very well see an ETF approved in the near future. I'm gonna go out on a limb here and say we are going up and the dip we just saw was just a dip buying opportunity. Of course I could be wrong we could be end for a mind boggling triple fakeout..but this time I think we are going up. Thanks for reading *not financial advice*
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s3.amazonaws.com/tradingview/snapshots/a/AlPN2Q8a.png The pennant on the 4hr chart...has morphed into a standard bullflag from which we have closed 2 4hr candles above but it is now threatening to reenter the flag. This could potentially morph the flag into a downward channel but it may also be that its instead just a bull flag on the 1 day chart...so let's take a look at the 1 day pattern as well: s3.amazonaws.com/tradingview/snapshots/p/Pobc7MZR.png on the 1 day chart it appears almost like a potential falling broadening wedge:
Can you tell me what would be the point of pumping that much money in bitcoin just to do a fake out I mean where was the profit in that it was like a billion dollar in volume on bitmex
sankarmail
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@aknyc1, Profits could be from short squeeze, or during this sideways movement, whales may be distributing btcs at higher price before the dumping. There are more ways of profit making for whales and exchanges.
sankarmail
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@sankarmail, Also this could be to weaken the bears by making them to sell more. Once the resistance is kind of weakened, next time they can easily push through resistance.
aknyc1
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@sankarmail, the shorts were very low according to the btc short charts so im not sure if there was any short squeeze at all if anyhting the shortss increases..how far do you see this going or you think this is the max 8300 level
DrDovetail
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@aknyc1, I think we have an impending golden cross that should happen in the next month that in anticipation for we will see an influx of new money being put into the market or at the very least people switching their alts over to btc in anticipation...so I think higher probability we go up from here....hopefully if so the alts follow.
DrDovetail
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@aknyc1, I think one of the reasons that only btc has been pumping and alts dropping has been because no new money was really being put into the market on this pump...so the money had to come out of the alt coins instead of from usd.