JustChartThings

#BTCUSD #Bitcoin chopping like a professional chef

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
where real demand is even more difficult to find than real supply, surprisingly. Square waves in trading, seems rather blatant from my perspective just hunting for stops as boredom has set for trend traders and investors in this space. Most remaining traders probably net neutral or losing in this environment. Notice the volume accompanying these "trends" and patterns - early fall from near $11,800 seemed organic but subsequent drops have all been constructed.

Given this theme of fake bear flags, the overarching "major bear flag" would likely take us to about $12,000 to trigger a bunch of stops. Because this entire discussion is the extent of interesting price action in Bitcoin             right now, I think it's still pretty obvious it's still bearish (which doesn't necessarily mean sub 6k or even 7k - that would take real supply, which is just as rare as real demand right now). It's tough out there, be careful!
When the MMs get played by the bigger MMs? Need back to ~9200 then higher to confirm this play. Time will tell - perhaps one day we'll see a real bear flag with follow through (almost forgot what that word means).

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Very interesting point of view. Thanks for sharing.
+1 Reply
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