The more I look at this chart the more I like it. The 2 and 4 hour charts are just too zoomed in to give a good picture. I believe the whales trade based on the daily charts and it's the whales we need to get our boost to the moon. If you were a whale, would you invest your hedge fund money in bitcoin right now? I wouldn't! You would owe it to your investors to be WISE about the investment. You would wait until you were SURE you bought low. Look how weak this "recovery" is... It seems like one whale kicked it off with a big buy and then waited to see if other whales followed. ...crickets... nothing and then another big buy... same whale trying to attract more whales?? maybe! Then one more... But where is the avalanche of volume? if this is a breakout like many are saying, now is when you buy!!! But they don't believe it, so they are not buying. They believe what I believe and that is that Bitcoin still owes money for that monster run. A double bottom should be payment enough considering how drawn out this is when you consider how much time it has taken VS the big spikes. The bulls are weak on this one. I think the whales have seen that the snowball effect is not starting, and they will sell these large positions they took as soon as it hits a point where their massive market sells will net them at least a break even on the market buys they placed this week. say maybe... $9700. If we don't break out of this descending channel and well above 9700, then they will sell, and then it is 6,000 or lower. $6,000 is a nice 70% off sale if you call 18,000 the ATH. Seems like a good number to me if I were a whale.
Comment:
Looks like I am dead on so far. It also looks like we will test $8,000 any minute now. After that 7250 or so. If we break through that it is double bottom city! Maybe more...
