After first rebound from red zone price found some strange support at 11400 level where some big buys happened, continued moving up and now everything looks like there gonna be second test of red zone that will probably lead to breakout or at least form a higher high at 12700 level. Target of that triangle is in 12700-13500 zone as well. Black lines is what I expect price will probably do.
Okay above was what chart says to us. Now about whales, the most important factor on bitcoin market. Tomorrow we will have a monthly candle close and if price dropped after red zone test this month would close with ugly falling candle which would mean bitcoin would go for bigger and longer correction. Think thats the reason why whales decided to stop price at 11400 level and move it up. Whales need this month to close higher with normal bullish candle to keep this bullrun very strong. Thats the reason why today we will most likely see bitcoin above 13000 getting good monthly close candle, probably forming double top. And after everybody sees good bullish monthly close candle, whales gonna decide to start correction probably.
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By the way I'm running tg channel where I provide free high quality BitMEX and Binance trading signals. And this idea is our current guidline for daytrading. Tradingview does not allow to post links, so search yourself on tg for "Free BitMEX & Binance signals" or pm me for link.
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Price tried to follow black lines but failed to do it eventually and another drop happened. Now everything look like another drop is going to happen. But I still think a big drop wont take place until monthly candle closes, whales wont let it happen. Expecting another drop now but not more than to 10800-10600 levels until monthly close. On screenshot below blue line test gonna probably cause this drop, or ma's cross will do that.
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As was predicted in last update price dropped to 10800. From now it looks like another drop to 10400-600 should happen. But not more, I still doubt a bigger drop will happen before monthly close. Black lines is what I expect price will do.
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Looks like prediction that drop wont happen before monthly close was right. Price has even passed blue line and formed a flag. But we shouldnt believe in this breakout, this is just how whales f**k chart and TA, like they did with breakout of that big triangle in this idea's chart.
Trade closed: target reached
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In the beginning of this idea I expected upwards move, there was triangle breakout, bounce from medium price line, some big buy were going as well and other reasons for upward move. Eventually this finished in manipulation drop. But this idea was mostly about how whales are going to maniputale monthly candle close and correction after it. And idea worked perfectly in it. In the beginning of idea I said that whales need this month to close higher with normal bullish candle to keep this bullrun very strong, and after that bullish monthly close candle, whales gonna decide to start correction probably. Before monthly close price was pushed higher to 11400 and even did fake blue line breakout as I said in last update. And right after monthly close big drop happened. In my tg channel we have succesfully traded this 900$ drop.
Maybe, they need liquidity but you can't under estimate the power behind this thing. When its on a run you can almost feel the whole world's desperation right through the electronic device we use to trade. Insanity will drive the baby high, lol