BTC is making a large flat corrective structure (accumulation pattern) Watch for a daily corrective pattern to breakdown sharply down to 3600-3700 range to complete C wave before we can expect upside continuation and higher targets on bitcoin.
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Internal structure is hard to say atm but I expect it to play out as some kind of a flat structure.
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Looking for us to make another high to around 5500.
Hi, thx for your insights but could you plz explain why such an accumulation pattern would be bearish? What kind of a play would that be for the marketmakers? As an amateur I would think that it is an accumulation phase around 5k to move higher and make money for those who accumulated there. Thx again!
kryptowavetrader
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@DaSmooth, accumulation usually tests the supply with springing action to wash out the remaining weak hands to sell to strong hands and serve as bear trap for liquidity for strong hands. Think of it like a final test for eliminating the weakhands, running the stops of people that became bullish after the move up, and trap short sellers thinking its going lower.
Larger picture dictates a move up.