So what do we have now? A really long flat with lower highs what looks like a triangle . Recently we observed an unpredictable pump . What could it be? 1) Cutting shorters. ( shortsqueeze ) Why? Because Bitcoin was very technical and everytime bounced from the trend line .Due to this many people shorted btc with leverages . 2) Activation of buy orders .. Why ? Because many people leaning on a simple technical analysis wanted to buy btc after breakout of downtrend line and strong resistances like 7500 $ , 6800$ and set their orders .It is confirmed with an extremely high volume on the tops of candles on a small timeframe ( 5m-15m) Now BTC trading at 6700 , so whales killed both longers and shorters . And two ways of price movement are possible. But lets find out what is more possible . I am more confident in a fall . Reasons : 1) A bad closing of pump day candle ( if buys are true candle must close near the maximum) 2) Still btc is trading near support zone ( so buyers are weak ) 3) Market cant move like most people think , so market was a little bit shocked and situation is unpredictable for the majority now. 4) About long positions I can say only after price fixing above 7400$ and others resistance. 5) Trend is bear. A better sign of price fall will appear at 6200 $ when BTC starts trading under this big candle. Guys please dont write anything about news , USDT etc. Price and volume reflects this all . Make decisions yourself.Good luck:)
All the way to 4k is unlikely as this would break the long term trend line. Perhaps to 4.5k, but this grows weaker with each passing day. Extremes in a market is marked by extremes in volume. BTC has just experienced an extreme volume. The market is very confusing at the moment. I do expect a fall in BTC dominance before October 23rd.
this market will disappoint. always. whether to the downside, or the upside, or just to the side.
hktsai
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Different btc/USD(t) prices between bitfinex and coinbase. Tether problem is not solve. Maybe a false breakout cause counterattack to 4k like you. It better to watch coinbase price rather than others.
razumcapital
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@hktsai, but Bitfinex and Binance is more popular with higher volume and traders , so it is more relevant for analysis
hktsai
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@fiksiplay, For much population in bitfinex. Someone of them was manipulate tether news cause usdt/usd ratio to 0.85. cause btc/usdt pass 6800 just like monster whale. If not worked, it will not lead to crypt-FOMO but, on the contrary, may exacerbate problems with whole crypt-exchanger used usdt.