botje11

Bitcoin attempting to rally but no volume to be seen

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I will continue my updates here, since many don't like to scroll through my many updates. You all know my thoughts, assuming we won't see a break of the 3950/3600 since a week ago. We are still moving inside of it, even though we are seeing an attempt to break up, the volume is very low. On the right we see a green support zone , if that one breaks, we can drop or go sideways again. On the left we can see a higher low pattern, but it will only get confirmed if the 3950ish breaks. Above that resistance we still have to break the 4100ish. A touch of 4200 would be a very bullish signs.
We have seen these kind of setups many times the past half year, of which most have of them failed. But those were all above the 6K, so it could be different this time. But the volume is very weak though, which is similar to previous attempts.

So we need to watch the green zone on the right, if that one holds AND we see volume increase on the potential break up, things can work out. I assumed we would not see a real movement until Monday or at the earliest Saturday night, but who knows, maybe the market is impatient. Volume is slightly higher than yesterday, but still below the 1bil on Mex , i want to see at least 1.5b for a real breakout.
If this plays out, the original plan from the 3200 levels will still be in play. Meaning wave C up is starting now. But like 2 days ago, bulls need to keep momentum and not loose the green support as they did then.



Previous analysis:

Comment: It is again taking too long, but not over yet. These 2 supports, for eth and btc are good levels to watch to know what the short term will happen. It looks like spoofing has begun again on Bitmex, big sell orders. Usually this means we move up. Unless we start to see some big sell volume happen.


Comment: Can still work out, i can see finex and binance try to move higher, but on Bitmex it's just completely dead. If this triangle fails, we will probably test supports again.

Comment: Seems like we are moving inside of a range now, between 3810/3860. Most alts are at crossroads as well. So the whole market is waiting it seems. Even though yesterday's attempt failed again, so for no dump yet. OI on Mex has been slowly increasing as well, se there is buying going on. But as we all know, it can also be used as fuel to dump the price.
Bitcoin really needs to break the 3900 and preferably 3950 to be more in a safe zone. Anything below that zone, is still danger zone.
Comment: Only thing we can hope for, is seeing a move around 02.00 CET, so in like 6 hours from now. They did it twice now the past 2 months. For the rest, just keep an eye out for the range, keep looking at alts. As soon as you see them steadily drop, things will become most prob bearish, or vice versa
Comment: And back down again at the support of the triangle. Looks like 6K levels again with the low volume. It could simply move back up again, but if we hand around this support too long, it will probably break. Next support is the previous lower high around 3720. If that one breaks, things will prob become more bearish coming weak.

Volume is just so low. I could see small attempts of other exchanges moving slightly higher, but there was no buying at all on Bimex, it's a very low volume day there.

Alts are not dropping a lot yet, as long as they don't get really dumped, we should still all of this noise.
Comment: Ping Pong action again, always the same when volume drops to these levels.

Nothing really changed, except that we have a resistance now around 3840/50 as well. Alts are still doing okay, Litecoin even reached the target already. ADA also been strong the past days. But i personally want to see XRP show some strength. That one still has a lot to make up for.
ETH seems to be used as well by the whales for spoofing. The volume on this one increased a lot the past month, so probably a lot of money to be made by them. At the moment seeing a 2 mil and 4 mil sell order, of course completely fake as usual. They probably try to get their longs filled.

Comment: Just watch the price action closely of ETH on Bitmex. You see those big sell orders go away as soon as there is a little bit of buying. They stay away, just until the buying slows down, they pop up again. Just think of it this way, if you have such a big amount you want to sell. Would you throw in a 6 mil sell order while the buys are like average 100/200K? If you really want to sell, would you scare the whole market with your sell orders?

There are 2 reasons why they do it, that is to push the price down to new lows or (what they usually do) push the price down into their buy orders.
I remember the drop from 8K to 6K after the 8.5 high. Back then we could see similar tricks, but was going on at other exchanges as well.

So of course we can't really say what their intention is, but if we don't see a controlled operation throughout several exchanges, we could assume they are just trying to fill up their longs.
But if we see them doing it on several exchanges, than we can assume they are trying to push the price to new lows.
Comment: XRP analysis:
Comment: Here we can see the chart of ETH, yellow circle is when i saw the spoofing (could have been going on even longer). Blue circle is when i mentioned it, as we can see, we have only been moving up since. Also we can see the bigger candles are buy candles. With the current drop (just logging in again), i saw again spoof sell orders. People just keep falling for it.

As i mentioned before, it's not easy to say what their plan is. But general advice is, ignore the spoofing and just follow your own TA.
Comment: I have made a educational post of that ETH spoofing

Comment: New BTC analysis:

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I think the reason they didn't choose go down at beginning because they didn't want market crash down to like 3500 then it will keep down to 2500 until bitcoin died, so they decided to go up first and down and up to make sure the market will keep running in activity. so I think when price back to around 3850 (to fuel up some gas) then will bounce up again, there is no reason to dump fast to harm themselves.
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May the force be with you BTC!
+1 Reply
Ridding this bull run up with a 4.72% gain on the long trade alert this morning sent out by the Martin Trend Trader. Best of luck everyone! We're watching the top resistance point for a reversal.
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Easy game
+1 Reply
6B USD entered the market in last 24h
Not a bad sign folks..
+3 Reply
BTC make the crucial move and this is a good sign for the market. target focus at 4800$

+2 Reply
My instinct tells me that there will be another round in another 4 hours.
+2 Reply
momtchev jimmy0725
@jimmy0725, It would be very good if we wait a bit...a nice bull flag is what is needed now, and some new buyers looking at the h'uge IH&S
We need to build some momentum to beat 50 MA at ~ 4125; then ~5K is very reachable
+6 Reply
momtchev momtchev
Not even a small bull flag yet...
One big green dildo standing up, not going back one inch - Man :)
+3 Reply
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