Everybody taking for granted 7300~7500. This may well be the top
Go to tradingview ideas and you will see 9 / 10 traders expecting the rally to end at 7500
Whales would pump to 7500 so that retail investors can conveniently short there? :D..
Already seeing divergence in RSI/volume indicator, big dump volumes, loss of momentum as can be seen by multiple rejection of the blue area (7050~7100) and the following stagnation. All signs point to distribution going on.
Here's why the rally might be over already.
1) 7150 is the 0.5 retracement. (Breaking it would invalidate the daily bear flag , by the way)
2) 7100's area is a high volume node
3) Everybody expecting 7500
Whales would pump to 7500 so that retail investors can conveniently short there? :D..
Already seeing divergence in RSI/volume indicator, big dump volumes, loss of momentum as can be seen by multiple rejection of the blue area (7050~7100) and the following stagnation. All signs point to distribution going on.
Here's why the rally might be over already.
1) 7150 is the 0.5 retracement. (Breaking it would invalidate the daily bear flag , by the way)
2) 7100's area is a high volume node
3) Everybody expecting 7500
Comment:
For those of you who are following..
I saw multiple, multiple signs of distribution, weakness, artificial price pumps since $6500. But throw TA out the window when Bitfinex wants to pump. At this point, I have capitulated, taken a huge loss, and am staying out of the market.
Some are speculating that there have been huge transactions going on Bitfinex to avoid KYC/AML requirement. Good luck to all.
I saw multiple, multiple signs of distribution, weakness, artificial price pumps since $6500. But throw TA out the window when Bitfinex wants to pump. At this point, I have capitulated, taken a huge loss, and am staying out of the market.
Some are speculating that there have been huge transactions going on Bitfinex to avoid KYC/AML requirement. Good luck to all.
This could easily be a stop hunting, so I have SL at 7330