Thanks for joining in today it's a hell of a day and definitely not what anyone wants to see unless your trying to buy or a whale that is. Anyway Bitcoin was showing promising strength and a possible reversal with a good retest forming, however we can see that Makers and Whales decided instead to take on the selling Bid this time and hit the market with another surprise beat down with no doubt liquidations helping them totaling at $364 Million in the last 24 hours alone. Bitcoin failed to retest at $36,000 as a result of selling pressure so that stopped our mini parade for sure.
Technical
Things we're looking positive in our last idea and we even started to trend in strength for the duration of yesterday managing to sustain strength even looking at a positive and close breakout like we did in January however instead it's now looking like we're gonna be seeing January numbers soon if Whale's decide they wanna keep selling. We we're looking at a potential pullback up to 37k however failed to hold above 36,000 when the time came thanks to MM pressure no doubt and we then left the mountain once again which seems to be a common thing forming nowadays. And not only that but from the long term pattern which is the 'Important' pattern I pointed out, we actually broke below that and well of course with TA that was like our hope out the window right now moment. Short term at least. Even if we had held within the pattern things wouldn't be short as we would've still had a chance for that reversal. In fact you can even see where we we're looking at a breakout but instead we got hit with that heavy dump coordination and I have to admit they are pretty good at it. We sustained and even we're looking at a shift. But instead MM's decided to make the choice which we just can't help sometimes. Although we are down while it sucks dealing with a staged drop, there will also likely be the opposite soon anyway. Makers will always love to do the opposite of what the market thinks, it would be perfect for MM's to coordinate a large buy/breakout to wipe out shorts much like they've done to longs this week. So I wouldn't be surprised to see a strong pullback follow next week. Otherwise we're in for a bit of turmoil.
Staged Drop
This drop has been calculated well by the Makers and Whales as always with Luna for example facing 285 Million UST Sold by Single Wallet on Curve and Binance which triggered huge outflows and nearly caused UST to depeg. In order to cover the amount Luna with USD a lot of ETH and stEth had to be sell to cover what was sold off. That contributed a large part of what we saw with the selloff of Bitcoin. Makers are coordinating the market the best they can to pull it down and admittedly I didn't expect it like this let alone a drop like this. But then again that's part of their coordination. Large amounts of crypto were pulled from 'young' Bitcoin wallets and transferred to exchanges then sold. By the way young Bitcoin's are bitcoins that were bought less than three months prior. They are surprising the market again and causing another domino effect/ripple effect. And liquidations are helping them so much.
Jan Repeat?
Bear with me but this looks like it could be forming a January repeat, In January we saw Bitcoin's price tumble and tumble much like it is now with coordinated attack drops which saw us see what likely amounted to Billions in liquidations before being followed by this huge wave of bullish momentum and essentially rocketed us from $33,000 to $45,000 in less than a month. Sure I may be wrong and yes we did form a lower high on the weekly but the patterns still apply, they simply look oddly similar, and we know MM's like to copy patterns and past price action. I was expecting that to perhaps start yesterday but since we got smacked down again now it's looking a bit more dim as to when but we're gonna see a big move anyway soon, I'm sure. I really do hope it's not down otherwise it'll be real rough if we break below 33k but I'm just saying it still looks like a copy, I could be wrong most definitely but then again, "You miss all the shots you don't take"
Close
In my last idea things really we're looking like a positive repeat of January with our pullback and honestly it likely would have been that reversal point but Whales really wanted to use their strength and you can't really do any TA by that point when they dump their lot let alone coordinate it. This is just something we're gonna have to learn more about and pay attention to as no doubt whales will continue to play these games but just as they are making profit from these sells they will eventually buy back up. Not to mention whales are still buying for the long term with one whale alone this week buying up $700 Million worth of Bitcoin and sending it to a cold wallet. This isn't ever easy to watch these falls let alone when they are surprises but it happens and I'll figure it out. But anyway we're back to bearish since we didn't keep that strength and MM's made the bear choice alongside Tera's role in selling pressure which could have been our cigarette on the gas moment today. For now we're gonna be back to bearish but wouldn't be surprised to see a pull back though again with what we've seen happen this week now, who really knows what'll happen next.
Thanks for tuning in and again I always try my best and will improve how I can with these. But it definitely isn't easy trying to follow TA and dealing with a market that get's manipulated rather easily but I know that no doubt I'll figure it out. Thank you and any likes or follows are always appreciated! Have a great day
~ Rock
Technical
Things we're looking positive in our last idea and we even started to trend in strength for the duration of yesterday managing to sustain strength even looking at a positive and close breakout like we did in January however instead it's now looking like we're gonna be seeing January numbers soon if Whale's decide they wanna keep selling. We we're looking at a potential pullback up to 37k however failed to hold above 36,000 when the time came thanks to MM pressure no doubt and we then left the mountain once again which seems to be a common thing forming nowadays. And not only that but from the long term pattern which is the 'Important' pattern I pointed out, we actually broke below that and well of course with TA that was like our hope out the window right now moment. Short term at least. Even if we had held within the pattern things wouldn't be short as we would've still had a chance for that reversal. In fact you can even see where we we're looking at a breakout but instead we got hit with that heavy dump coordination and I have to admit they are pretty good at it. We sustained and even we're looking at a shift. But instead MM's decided to make the choice which we just can't help sometimes. Although we are down while it sucks dealing with a staged drop, there will also likely be the opposite soon anyway. Makers will always love to do the opposite of what the market thinks, it would be perfect for MM's to coordinate a large buy/breakout to wipe out shorts much like they've done to longs this week. So I wouldn't be surprised to see a strong pullback follow next week. Otherwise we're in for a bit of turmoil.
Staged Drop
This drop has been calculated well by the Makers and Whales as always with Luna for example facing 285 Million UST Sold by Single Wallet on Curve and Binance which triggered huge outflows and nearly caused UST to depeg. In order to cover the amount Luna with USD a lot of ETH and stEth had to be sell to cover what was sold off. That contributed a large part of what we saw with the selloff of Bitcoin. Makers are coordinating the market the best they can to pull it down and admittedly I didn't expect it like this let alone a drop like this. But then again that's part of their coordination. Large amounts of crypto were pulled from 'young' Bitcoin wallets and transferred to exchanges then sold. By the way young Bitcoin's are bitcoins that were bought less than three months prior. They are surprising the market again and causing another domino effect/ripple effect. And liquidations are helping them so much.
Jan Repeat?
Bear with me but this looks like it could be forming a January repeat, In January we saw Bitcoin's price tumble and tumble much like it is now with coordinated attack drops which saw us see what likely amounted to Billions in liquidations before being followed by this huge wave of bullish momentum and essentially rocketed us from $33,000 to $45,000 in less than a month. Sure I may be wrong and yes we did form a lower high on the weekly but the patterns still apply, they simply look oddly similar, and we know MM's like to copy patterns and past price action. I was expecting that to perhaps start yesterday but since we got smacked down again now it's looking a bit more dim as to when but we're gonna see a big move anyway soon, I'm sure. I really do hope it's not down otherwise it'll be real rough if we break below 33k but I'm just saying it still looks like a copy, I could be wrong most definitely but then again, "You miss all the shots you don't take"
Close
In my last idea things really we're looking like a positive repeat of January with our pullback and honestly it likely would have been that reversal point but Whales really wanted to use their strength and you can't really do any TA by that point when they dump their lot let alone coordinate it. This is just something we're gonna have to learn more about and pay attention to as no doubt whales will continue to play these games but just as they are making profit from these sells they will eventually buy back up. Not to mention whales are still buying for the long term with one whale alone this week buying up $700 Million worth of Bitcoin and sending it to a cold wallet. This isn't ever easy to watch these falls let alone when they are surprises but it happens and I'll figure it out. But anyway we're back to bearish since we didn't keep that strength and MM's made the bear choice alongside Tera's role in selling pressure which could have been our cigarette on the gas moment today. For now we're gonna be back to bearish but wouldn't be surprised to see a pull back though again with what we've seen happen this week now, who really knows what'll happen next.
Thanks for tuning in and again I always try my best and will improve how I can with these. But it definitely isn't easy trying to follow TA and dealing with a market that get's manipulated rather easily but I know that no doubt I'll figure it out. Thank you and any likes or follows are always appreciated! Have a great day
~ Rock
