MrPine

HUGE Bitcoin and ETH Move & NEWS - 4 Advanced Crypto Investors!!

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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The resent drop be it fabricated on purpose or just 'pure luck'(1) was based on misinterpreted data leading investors to believe HUGE bitcoin volumes were moving into exchanges. More specifically Gemini reported over Over A $Billion BTC inflows.

People thought Wales were going to dump and traders closed their positions fearing a sell off. This is the 2ND time in a month news of INTERNAL moves ware reported as exchange capital inflows. No mater if it was to spoof liquidity or a mistake this data is bogus! However it has formed a Frankenstein of a cup and handle .

(1) Why do i think its pure luck? Well, it reset the RSI , volume / volatility , fear and greed and other applicable indicators & the technical projected targets based on those indicator are:

$ 75k for BTC

$ 2.5K for ETH.

Although we might spend more time finishing the handle part of the cup providing for better entry position, just look how the targets line up perfectly with the technical.

For me, Technicals and Fundamentals dont quite give a clear enough picture and market Physiology/sentiment is what completes the analysis holy Trinity.

So what do YOU think/feel of the recent price action and future direction? Comment down below.

Follow and Press the thumbs up, Cheers
Trade active: For the Immediate Short Term a Great Buying opportunity at a discount!

Comments

Great analysis! Thank you for posting! I like your prognosis re the price $ 75k for BTC and $ 2.5K for ETH !
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MrPine DianaTant
@DianaTant, must be invested and waiting for xmas just like many of us. Gr8! Following and do reply in kind! (:
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Cryptoquant still arguing the inflow was legit and verified for good after the glassnode tweet. Still I have no idea who is wrong but, exchange inflow on-chain data again proved its worth, again. I don't know if it is a phyops or whatever, I will place short when I see something like this again. by the way, nice to see the cup here, thanks for the posting !
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MrPine Sangsik
@Sangsik, Cheers, its not unlike exchanges to spoof liquidity to drive up say BNB or CRO price... so as a detective i say the motive is in and the timing is perfect for a good overvaluation accumulation as well as re balancing and swallowing up them overextended on exchange weak hands. Time will tell but 2nd time in getting away from coincidence and closer to stat on my books
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