BTCUSD Short-term Trading Corrective Waves

Don't panic, wait for wave B to get out. Probably between 9400-9500 or higher.

If the wave C is not deep enough to break 9k. The big picture will still be bullish.

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OK. It keeps dipping now. If it break 9k and stay below. Then this will be very bearish. I won't expect a big bounce if so.

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Whales tested 9000 twice and they did this to shake the bears out. Now I think this may not be an ABC correction. Whales will keep shaking up and down in the following hours to remove bears who would dump on their heads if they pump. After that, it is likely they will pump the price back to retest 9800-10000. If they failed to break the previous high 9900, BTC will fall to 8000-8400 range. If they managed to do that, then we will likely to see a good bull run to 11k.

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Another test of 9000. This bird is almost ready to fly. Set a stop-loss at 8999 in case I am wrong. I am very confident though.

Trade closed: stop reached:

Wrong guess. Now we are heading to 8400

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Our whales behave weirdly these two days. I don't think any technical analysis work at the moment. The whole market is fully manipulated by a few rich people. It is likely some new big players just entered the market, and they are shaking the price up and down to swallow the money from future/margin traders.

Comment:

So I was right. They are pumping bitcoin in the same way as pumping alts. I did not expect that they would dip it first before pumping though.

The new target is 10k. To be safe I will get out before 10k if I find the resistance is strong. The new whales are fierce and unpredicable. I will be very cautious before getting familiar with their behavior pattern.

Comment:

Seems they are making another double bottom. I am taking a small position longing it (VERY RISKY). Stop loss 8770.