Bitcoin has been highly manipulated the last few weeks. The price action shows that we have big players constantly vacuuming coins from retail traders, running stops, dropping 4 digit market sells at crucial reversal points, etc etc..
Theres nothing but positive news in the Bitcoin community, Lightning Network, Segwit Adoption, etc but the price does not yet reflect this amazing progress.
This is ( long term ) good news i.m.o.
I believe this is the final loading stage for institutions and big players to get in before we see the true potential of Bitcoin.
Question is this, where does this crooked price suppression end?
It may end at 3K.. heres why:
1. Bitcoin refuses to break the Bear Trend line and everytime we get close we are instantly smacked 2. Were starting to form a H&S very reminiscent of the one formed with the drop from the trend line touch at 17000's 3. China loaded up at 3k - i think the rest of the big players want to be at least on par with their entries. Although this is just a hunch 4. It fits pretty perfectly for wave 5 of an E wave from ATH - could actually go lower even.
We should always note, there would be some wide spread panic in the mining community if we hit these levels. I think it would be in the best interest of these Bitcoin Hit-Men keep us above the 3 levels noted on the chart:
1. 52 Week EMA - 6830 2. 52 Week MA - 5623 ( most likely ) 3. 52 Week SMA - 4476
These are some incredible frustrating times, nearly impossible to trade anything right now - but i hope the bulls, as battered and scarred as they will be - can remain with us, because the next pump is going to be unlike anything weve seen so far.
Comment
⋅
A Bullish Butterfly forming from the beginning of the ATH Run - seems to end perfectly around the mentioned support levels
Comment
⋅
Daily chart shows trendline resistance, and now daily cloud resistance - which should begin to push us down, Bearish crab formation seems to fit well here. First target 52 Week MA which has moved to 7000
Any new update in what you think is happening? You always have great ideas.
BeetCorn
⋅
@samiswilf, Hello! I havent updated this chart, but have created a new idea that shows similar targets that you may be interested in:
samiswilf
⋅
Any change in thoughts?
BeetCorn
⋅
@samiswilf, Hey Sam, nothing has changed for me - we failed 10700 pretty miserably. We will start flipping the MA's to the downside in the next couple days and slowing pushing down to the first major supports at 10250 and then 9000
samiswilf
⋅
Hi BeetCorn. Thank you for sharing you ideas. They are very insightful. Two days ago you predicted it would go to 15k in March. Do you no longer think that? If you don't, what happened in the past two days to change the 15k march prediction?
BeetCorn
⋅
@samiswilf, Hello, thanks for commenting. In those 48 hours my views did change because we negated many bullish signals, and the price seemed to be artificially suppressed. Also, today's pop was due to bitcoin core 0.16.0 release, which is going to be short lived imo - i still think we test one of the levels noted, before exiting the bear market