Now price should try a break of red zone resistance and blue line of , In case of fail should test green zone support again.
There are many ideas on tradingview saying there is a big inversive . I think they are just creating FOMO and doesnt exist because highs and lows of its shoulders are to much different, there is just . On dayly and weekly timeframes bitcoin is not ready for another big upward move as well so dont get FOMO'ed by that unexisting .
I expect price to do something like those black lines, bitcoin to consolidate for a while in 11000-13000 range first before trying a break of 14000.
As was predicted in last update double bottom tried to lead price to 11800 zone and as I said in the beginning of idea if price fails to break red zone it should retest green zone. That all happened and now price is moving inside a channel. If price goes up like black line chances to break red zone and resistance of big bull flag are 80%. But to enter trade we need to see a break of orange line first. If price fails to do it there are 80% chance for a dump like green line.
Price struggled a lot against red zone once again and against ma100 as well, eventually failed to break them and now either can drop to green zone like purple line or try another break of red zone like black line. For now a drop to green zone looks like more possible, but to enter trade we need to see consolidation first, this flat market can decide to change its direction at any moment.
In my tg channel we have successfully traded this move and now waiting for big red lines triangle and big bull flag from the beginning of this idea to do their job as well.
In next hours there are still little possibility of a double top or even a touch of 13000, but in next days I expect a consolidation somewhere at 11000-12000 range, as I said in the beginning of this idea I dont think bitcoin will break 14000 that fast.
Even though bitmex whales are sleeping, there were 9000 bitcoins sold in few minutes on binance by some big seller, probably means whales agree with me and are not going to push price higher just right now but want some retracement first
Local low of 12100 is a trigger for bigger downside move to 11500-600 zone.
Prediction that its too soon for price to be pushed higher was right and now the question is where the drop is going to stop. As I said I expect consolidation somewhere in 11000-12000 range so more drops are possible in coming hours/days.
After current 12400 level next good support is 12100 and thats ma100 level as well. Previous 11700-600 strong resistance is now strong support and price should meet ma200 here as well, so if price drops to this level, there should be at least some good pause here.
Since market hasnt been dumped yet, I have a guess, just a guess that whales are going to push price higher to 11900-12100 zone and start the dump only here. This trick worked well for them on 12900-13100 zone, wont be surprised if they try to repeat it.
In my tg channel we traded this dump against marketmaker same as previous time.
So far bottom is found, double bottom if say exactly. Price is already above 11700 resistance, double bottom should lead price to test of 11900-12100 zone.
But anyway we have traded this move successfully in my tg channel.
Now price is moving in same channel like we had few days ago, on the left of screenshot. We can expect same moves. In case of successful break of orange line, a pink line is what price will try to do.
It worked perfectly, everything what was predicted a week ago in the beginning of this idea has happened. A break of big bull flag, a pump because of it, a dump later because it was too early for a break of 14000, as I said I expected a consolidation in 13000-11000 range. All those moves including pump to 13000 and drop back to 11000 were nothing else but a consolidation in that range, a preparation for a real big move.
Now looks like this consolidation is coming to its final phase and we need a new idea. I will post it soon.