BTC Accumulation, it is long for the king

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar

I disagree with my colleagues regarding further downward BTC movement. Personally, I do not see enough arguments for this, but rather the opposite: a strong bullish trend , market maker accumulation for the desire of the crowd to sell, an increase in the number of shorts and also what is important - fixing positions by ordinary traders (see VSA).

MACD has already dropped local overheating, and is ready to start a new bullish cycle. RSI is similar.
By the principle of inertial analysis, we are also in the balance stage, and the level of success (7200) has not yet been broken, moreover, we have not even approached it. All this structure also resembles a triangle, or at most a flag.

The only thing that really bothers me is a candlestick analysis of weekly TF, there we have a whole set of reversal patterns: Rickshaw (a type of doji , and bearish absorption)

However, we also see a similarity of the “Clearance in the Clouds” model - this is a bullish reversal model, and it is desirable for us to close the week above 8100, so that there is more confidence in the strength of the bulls, and reduces the value of previous bearish models.

Let's go back to VSA (we will then make a small article on this type of analysis) we see that all the straits are redeemed at an increased volume , followed by a candle up, based on the theory - the market maker picks up a position about smaller players, giving them the opportunity to sell. After this process, growth usually follows, since all the interest of the seller was bought out in the flat, and in the future just no one will sell the asset, which will give him the opportunity to grow further.

I don’t see in this flat range a shopping climax, and this may in part be the distribution stage, this is indicated by increased volumes on bullish candles, but we cannot get into the heads of the owners of funds and banks, and find out their goals. We only see what the chart shows us, and I don’t see anything SHORET personally.

Bitcoin is in the correction for the decline, it only changes the trends.
we are heading to 10,000

+2 Reply
BTC to 12k

Completely agree. Looks to me as if BTC is not really following TA rules. Charts are more like Tarot Cards when you look at the King. It sort of moves as it will. Even whales and governments are being discarded. One day BTC may conform to analysis as traditional markets do but for now BTC seems to be living in a world that belongs all to itself. In a way BTC reminds me of manifest destiny. I'm not being fanatical it just looks like something that is going to happen.
+2 Reply
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