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 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 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. 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.
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.
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.
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.
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.
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.
We need to build some momentum to beat 50 MA at ~ 4125; then ~5K is very reachable