Bitcoin, Shake Out Wick to 8000/7500, part 2

A follow up on the previous analysis:

This market has become so extremely boring, taking ages before it makes a move. Anyway, getting very close to the green support line around 9000. So far still dropping slowly and small step, which so far always has been a sign that it eventually turns up. OI went up a lot as well again, which it did the last time as well around 8900.

But the thing is, is it the whales doing it once again, accumulating. Or is it retail who think the market is on repeat and think there is no way it can drop. Anyway, the high OI is dangerous of course, because good chance if the support fails and we start to break 9000 and 8800, that a lot of stop losses start to get hit and liquidations start to pile up causing a bigger drop and more stops getting hit. So creating a big snowball which happens often in this market. As mentioned before, think it's obvious for everyone a big move is coming, only question is which side.

As mentioned in the previous analysis, as long as we don't have a daily close below or above the 9450ish and 9000ish, we can easily still go sideways. Above and below those levels also still doesn't mean THE big move will happen. but the chances will increase of course. A break of 8950 is also a break of a certain trend line. A daily close below 8800ish, should mean we are going to drop more.

Short term, the red zones on the right are the levels to watch, with 9150ish being the more important one of the 3. The blue line on the left, the inverse H&S is also still an option, but then it should bounce up within a day or 2 i think. The option is less likely, because 9150/200 should have held normally.

So, at the moment, as long as 9150/70 doesn't break, the bears are in favor. Nasdaq sell signal is also still in play as well, which is in favor of the bulls, since the 10800ish had held there.



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