Now looks like this consolidation is coming to its end and whales prepared bitcoin for a break of 14000.
Last drop from 13200 was a clear manipulative drop , whales tricked bulls with a fake break at 13200 to make a drop even stronger. That drop was so fast because a marketmaker was in a hurry to fill his longs.
Fear and Greed index has dropped more than twice, during last bitcoin drop , from 83 to 33. Thats what marketmaker goal was, to make you believe its over and after parabolic pump bitcoin is going to do a parabolic dump. You can see here on tradingview a lot of ideas saying correction/drop are coming and those ideas are even getting 400(!) likes.
By the way bitcoin started to gain some hyip. Head of System is talking about crypto, Trump is twitting as well. Doesnt matter what they say, matters bitcoin has started to gain hyip again, and thats only start.
On the chart we can see bitcoin has created a big triangle. In case of breakdown it should lead price to 7500 zone. But as I said marketmaker prepared a break upwards. In case of breaking to upside target of that triangle is 17000 zone.
For now everything looks like price will break 14000 level. But of course we need to see how things will go to confirm that. Still there is a little possibility of a at 14000.
Still we should be prepared for a bearish version of that triangle.
10234 is first trigger for bearish scenario, because crucial support of last 2 weeks will be broken.
9570 level activates bearish scenario of triangle, with target at 7500 zone.
No trading so far obviously, should see some normal consolidation for safe trade entry. At the moment price just moves from bear trap to bull trap and back to bear trap again.
Thats obviously not a normal market move. Thats a robot work, and whales as well. Saying better, its robots of marketmakers.
When this idea was created everything looked like marketmaker goal is to push price higher after that dump. But this channel makes everything wierd, whats the goal of marketmaker is.
Price has already passed all possible crucial supports but still nothing happened, no dump. There are big buys and big sells were going all this time but still no dump or pump. Price moves very accurate, dollar by dollar.
Someone who has enough bitcoins to control price like this doing it for some reason, not clear for which one.
Hope you dont think its normal market move.
By the way dont worry if dump happens, it will be nothing else but a longer correction before a break of 14000. Bitcoin is of course bullish, check "Why I bought bitcoins at 3000 idea".
Maybe marketmaker goal was to create this bear trap at 9880 level, or maybe not.
I dont care at all if dump or pump happens, just want to see the end of this manipulations to start trading and posting signals in tg channel.
Prediction that a downside move inside that super accurate channels were a clear manipultaion was right.
Prediction from last update that black circle is where marketmaker decided to stop this downside move after creating bear trap below 10000 was right as well.
Last pump brought price back to 11000, and all those how listened to ideas about bitcoin correction with >700 likes became a part of 30M shorts that were successfully liquidated (REKT).
In my tg channel we have of course stayed away from trading while this manipulation was going (not rekt).
As I said in the beginning of this idea, goal of marketmaker is to make people think dump is coming, the whole downside move from 13000 was that fast to make people feel fear. Fear and Greed index as well as amount of likes below "correction" ideas here on tradingview clearly show us that marketmaker completed his plan well and all this peoples fear became a fuel for his longs.
Thanks to the markermaker, I think this situation shows well my level of market understanding, comparing to those how predict bitcoin price by TA only.
Now back to chart. Earlier I mentioned crucial level that should be passed by price to activate bearish scenario of big triangle from this ideas chart. Price didnt pass this level, means all this breakdown of triangle was nothing else but a fake break or a bear trap.
Right now its still dangerous to trade because of course there should be some consilidation/retracement after pump. We should remember there was a bull trap at this levels a day ago. When we see this consilidation/retracement we will be able to say if trap repeats or upward move continues.
Downtrend is broken, but 11200 is still crucial level itself, and its also level where 10x shorts of those bears, trapped at 10000, will be liquidated.
Blue circle is what I wanted to see to start trading finaly. A normal market move/drop, not a super accureate channels that eventually leaded to 1000$ pump. Now we got this normal move and manipulations are over.
Crucial level that price needed to pass to activate bearish scenario for triangle has been passed and now we can expect a continuation of drops. As I said in the beginning of idea that big triangle in case of break down has target at 7500. Maybe price will aim to this target.
Since first downside move was a clear manipulation, I wanted to see dayly close below 9800 to confirm bearish scenario. I also wanted to see that last drop will not lead to a big pump like that happened earlier after those super accurate channels. Thats why I decided to wait some more with trading.
In my eyes the whole move down from 11000 was half a manipulation and half a market reaction to very bad news about Libra. Of course I have a lot of reasons to think like this, but Im not explaing them all because Im trying to keep it simple.
We should always remember that TA tells us that correction was should start since a break of 6000, but price pushed higher and higher. Thats why we should be carefull with shorting this strong bullish trend, especially when we see manipulations.
By the way its good for our trading in tg channel and Im glad to see bitcoin will stay below 14000 for longer. Why? Because we are able to accumulate more bitcoins by lower price. And because trading below 14000 can be confident enough, but above 20000 there is a wild unexplored zone without any support/resistance levels and trading will be much harder.