BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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Dear followers,

Just a quick update on BTC             . Nothing much has changed since my last post. BTC             is dropping as expected. The bull did try their best to fight back to the 78.6% retrace @ $8800 but has been rejected a few times. Also, I have added the top of the downtrend channel (green, in log scale) to show you that BTC             has not yet broken the downtrend channel .

From my last post I mentioned that BTC             may repeat the same history in early Feb to drop to $6000, but due to the stock is currently quite oversold, I would expect the price to drop to the yellow section @ around $7580, instead of $6000. This is also close enough to the double top target.

Please ignore the dotted arrow as they are just speculation. I will need to re-assess the situation once BTC             hits the yellow section. Will give you an update then.

If you like my posts, please press "like". And please note this is not a financial advice.

Taiwan Bear.
Comment: Hi all, just a quick update on BTC. The original idea is still valid except now BTC has a lot of downside potential to drop to $6000.

As you can see in the graph below, a bigger bear flag has formed indicating BTC to go down to around $6000. As well, it seems like we are in correction wave C which also indicates BTC to go down to $6000.

Please note that if the bear flag happens to break to the upside, then we could be testing the downtrend channel (yellow) again. But I still think it is unlikely.

Taiwan Bear
Comment:
Comment:
Comment: BTC is currently forming a bull flag but the direction of the breakout is unclear. The action looks like it's about to break upwards. The volume is quite low at the moment as traders are waiting for a clear buy/short signal.

If you saw the pump yesterday, the candle highlighted in green, the pump initiated 3 minutes right before the 4hr candle finishes. This pump and the timing of the pump after such destructive FUDs do not make any sense other than the whales setting up another bull trap.

Think about this, if you were the whales and there are two options for you to choose - The first option being to pump & dump BTC from $9000 all the way down to $3000 and then pump & dump it back up to $20000+, whereas, the second option being to pump & dump from $9000 to $20000+. Which option would you choose? I believe you would choose the first option as you can easily make 10 times more. Won't you?

Right now, I would just sit back and relax until I see confirmation of a buy/sell signal.

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