Shorts are stacked too tall, consumers are running out of money, btc declined over 85% since ATH, and 4th quarter is coming to a close. Its time for some relief for the avg consumer. I believe this next move will be a bull trap up towards 5.5k-6K over the next 3 weeks. The quote I always refer to is to "think like a casino". How do you get more buying volume into the crypto market? Move the price upwards and create FOMO. People will spend their Xmas money buying btc and alts blindly with no plan or goal...the same way they did last year and get REKT again the same way they did this year. Many will fold and pack their tents...After that the institutions (Smart Money) will continue to accumulate thru Oct 2019 when the market will turn bullish again. Also...we will drop down towards $3670 over the next 12 to 24 hrs before we make the climb towards $6k.
Im not a financial advisor by any means so trade at your own risk...
Im not a financial advisor by any means so trade at your own risk...
Comment:
Looks like I was shooting for the moon on this chart. $6k is quite extreme and I doubt bitcoin will make it that high but I do think it will retest the .618 fib level at $5200 and get rejected. 3 months ago everyone thought that $5200 would be the bottom. I would be grateful to see bitcoin reach those prices again. Cheers!