BillCharison

Bitcoin - very difficult situation, let's take a look

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
To be honest - it is one of the most difficult BTC UPDATE for me.

There are only 45 - 60 minutes before Binance will resume withdrawal option and a lot of people will use this opportunity to withdraw their funds from the exchange (fix profits). Logically, it should lead to a dump of the whole market. However, everything is not so simple. If it is so - we would already see a big dump because of FOMO.

As we know - the main Market Maker goal is to make people closing their positions in a loss. During last days Bitcoin has grown up from $6000 to $8000, which is extremely big profits even for regular traders. So, we have the following situation: in case the majority of people haven't closed their positions yet, it would be profitable to dump the price with the purpose of minimizing profits for holders and increasing losses for day-traders (those who bought above $7500). However, in case the majority of people have already closed their positions - it would be more profitable for MM to pump the price to make people enter a position again.

If we talk about Technical analysis, the situation is difficult too:
From the one hand, the price is located above the strong support which is a bullish sign, moreover, Bitcoin is forming a flat triangle which is going to be broken upstairs. From the other hand, there is a bunch of H&S patterns, which is a bearish sign. Moreover, there is a GAP at Bitcoin CME Futures which is located at $6200.

So, according to the TA, we can make the following conclusions:
In case the price moves inside the triangle and above the support, we can open a LONG position with targets at $8500 - $9000. In case the price breaks the bottom edge of the triangle and keeps below one - you can open a SHORT position with targets at $7000 - $7500.

However, If I was in your shoes - I would just observe without any position. The situation is really controversial at the moment, it's not worth the risk.

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