Hey guys welcome to short term Bitcoin update, now before moving forward you need to consider this situation that weekend price movements are like suspicious activity coz big money and pro traders dont trade at this time and prices could easily manipulated due to low volume, and am not long from this level, even if you'll look at my "same old pattern" series, ive been bearish and my initial targets are below 8000, but am expecting a rally from here to go above 10k which could give us another opportunity lo load our bags from more shorts.
so confirming this point again that am not opening any longs from, but i do expect a pump to load more shorts from coming rally. so without stretching this so much lets dive into the charts and have a look.
from above charts you'll see that wave C has almost 5 major retracement zones
R1 10150 (weak) R2 10340 100% of wave A (medium) R3 10475 fib618 (strong) R4 10530 127.2% of wave A (strong) R5 10610 138.2% of wave A (very strong)
not taking any long positions coz already short call is active and prices could start to dump from any level, if you've not checked my "Same old Pattern", series do check it out its last version given below. thankyou
Yep, 10.5 - 10.6 would also be were it kisses the resistance from 28th June, 4th July and 20th July for the 4th time. I just doubt it fall back then below 9k after that since that proved to be a strong support. It bounced back from there yesterday way faster than the first time, indicating that we ran out of sellers.
Husain_Arkghazi
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@mikenz, weekends are full of bots, whales just want to rekt traders by hitting stops and liquidations
mikenz
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@Husain_Zabir, I dont see how we go below 9k after the second dive to 9k and rebound was shorter and stronger than the first one. That would be against all rules.
Husain_Arkghazi
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@mikenz, this market is completely manipulated by whales and they'll pay its price
mikenz
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@Husain_Zabir, which market isnt? and yet you can still produce valid forecasts ;) Lets see how it plays out.