Today, I am delivering chart on 4 hour candles on Log scale. This chart is same as previous, with light re-edit to better fit.
We can confirm, previous chart is playing nice to these days. While some upside is possible, I won't trying to catch next 5%, if downside risk is much bigger. ...And 3 million Bitcoins was actually shorted around 20500 USD area. I thought, it will be temporary surpassed and leading to red ring test. On local Fibo is 618 , with target at 382 retracement. In my chart we can see also 21 Weekly MA and it will be tested for support which won't hold too long. Probably break down in panic sells.. That is sign of BTC is at "Anger" phase of bear market, based on Wall Street cheat sheet. Pros is maybe my personal buy zone would be very near and even real bottom area. There is green ring and long-term yearly rising support (blue line).
I can't say this chart will play out perfectly, especially if some sideways extends timing. However this is what I believe and I always try to stick to my opinions.
Always with care and ready, Emvo.
*This is not any financial advice.
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$4,150,000 #bitcoin SHORTED @$21,114 USD
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$4,718,051 #bitcoin SHORTED @$20898
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"We are here" Weekly perspective.
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Bitcoin making quicker cycles, so my imagine is something like this:
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Some whales are starting to take their profits... They can't sell in one moment due to liquidity.
24H Liquidations:
Longs - 9.98M Shorts - 6.86M
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Bitcoins are currently about to top, or very near. Expect result in 1 week. I will do a new chart soon to be more actual. It is near 382 Fibo, above Golden pocket ratios. I saw some conflict on RSI and MACD indicators. However, it is weak to me, honestly.
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Seems like Bull Flag, I know. But in my mind isn't so simple, asi it looking near short sellers point with millions of Bitcoins in puts. To me, it could easily create Inverted CUP and Handle with 12-15% target corresponding to 1.1618, or 1.272 Fibo.
You absolutely know your stuff! We do trust you here, thank you so much for sharing with us!!
InvestingScope
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Nice setup. We are behind this 100%. Thank you for sharing!
Emvo10
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@InvestingScope, Very thanks. If play out for 70-80%, I will be happy. I'll re-edit during its way, how time floats.
drdonhoa
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Thanks for sharing!
alafzi
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yes man I wish
Emvo10
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@alafzi, Nobody knows. Most of volume are over-leverages and liquidations. That's why price has extreme spikes last 2-3 years. However, this way a lot of Bitcoins circulate and real supply is in market. Actual prices aren't very legit.
alafzi
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There is no need to rush to buy and hold. How many days will the price stay fixed?
alafzi
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Can we buy on number 14 for 2 months? Or should we hurry when it spilled? In the previous period, I think it was 3 months on number 4?! thanks man
Emvo10
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@alafzi, Thanks for comment. I can't recommend you to buy or sell any asset. But based on my data, in the next 2 months seems more bearish. I am personally not very good in trading. It's up to you.