Support Turning Into Resistence - Testing the res & continuation
So basically BTC will test the resistance. After doing that test hitting it maybe 2-3 times. It will continue the downtrend until 2020 Spring.
A bull market in the whole history of Bitcoin, never, never started from a V bottom and for the past 10 years, it had only done double bottoms.
What changed? NOTHING. Just a mysterious buy-out of 20.000 BTC that started this whole charade.
Was specifically on Bitmex Index's the culprit exchanges - Kraken, GDAX & Bistamp. Perfectly for the Bitmex Underlying Index to chop all shorts (500 million$ worth of shorts - with 100 million$ in a buyout).
Fundamentally no institutional is touching this and the high volume on CME had the same volume effect on Bitmex as they used the underlying Index as Bitmex. At market opening it caused liquidations, stop losses & limit-market buys causing a spike in volume.
A simple domino effect that such manipulative buyout can have into the market.
The issue is that the following, it capture your attention right? You are fomoing? You & others already raised the price above his buyout so he is in profit + his Bitmex position = WIN/WIN.
What the same entity is notice that the FOMO fades away and didn't manage to capture enough buyers to continue this uptrend? It will try one more push in 5900$ area and then he will sell everything ;)
His 20.000 BTC + his Bitmex Long Profit + Will add a Bitmex short, creating even a bigger cascade and if it syncs with some bad fundamentals, like CHINA FUD + Mt.Gox Rehabilitation Plan it will nuke the whole thing under 3000$. If doesn't wait to sync in with some fundamentals well then we going to see a retrace at around 4000$ area.
A bull market in the whole history of Bitcoin, never, never started from a V bottom and for the past 10 years, it had only done double bottoms.
What changed? NOTHING. Just a mysterious buy-out of 20.000 BTC that started this whole charade.
Was specifically on Bitmex Index's the culprit exchanges - Kraken, GDAX & Bistamp. Perfectly for the Bitmex Underlying Index to chop all shorts (500 million$ worth of shorts - with 100 million$ in a buyout).
Fundamentally no institutional is touching this and the high volume on CME had the same volume effect on Bitmex as they used the underlying Index as Bitmex. At market opening it caused liquidations, stop losses & limit-market buys causing a spike in volume.
A simple domino effect that such manipulative buyout can have into the market.
The issue is that the following, it capture your attention right? You are fomoing? You & others already raised the price above his buyout so he is in profit + his Bitmex position = WIN/WIN.
What the same entity is notice that the FOMO fades away and didn't manage to capture enough buyers to continue this uptrend? It will try one more push in 5900$ area and then he will sell everything ;)
His 20.000 BTC + his Bitmex Long Profit + Will add a Bitmex short, creating even a bigger cascade and if it syncs with some bad fundamentals, like CHINA FUD + Mt.Gox Rehabilitation Plan it will nuke the whole thing under 3000$. If doesn't wait to sync in with some fundamentals well then we going to see a retrace at around 4000$ area.