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
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The pump volume at Bitfinex wasn't that convincing, about 2.5k This could easily be a stop hunting, so I have SL at 7330
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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.
Agree. Or they could do the opposite and blast into a parabolic before a dump like in 2014. Ok the structure is quite different, but just to make a point. Actually the parabolic came after a dump, and then another dump followed. Might get quite tricky now as movers try to wriggle out heroic bulls. Seems poor risk/reward to go long now until some real sideways price action
If I had to guess though I'd go with your option slightly. I don't think we'll see parabolics until we've seen one or two more lower lows
dRends35
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Also I agree with 7.5 being a key level. I had that on an idea as being a max point without breaking trend, but also there are many ideas as always with a small arrow up to 7.5 - 8.5, a small arrow down, then a moon arrow
deliciouspodo
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@dRends35, so that would be around 8k.. It is still a possibility. Dump after that would be a disaster
dRends35
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@deliciouspodo, Yeh, the 2018 bear market has been really symmetrical so far, whereas 2014 had many twists and turns. Preparing for surprise twists and turns, despair then hope, then more hope, then utter despair etc. I'll be mostly watching this from the cheap seats and let the heroes and movers do their dance.
manjotsbajwa
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Hello. Do you see us testing 6k or lower this month? Thanks
deliciouspodo
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@manjotsbajwa, I dont know how long they can keep this up. I can say that this rally doesnt look sustainable
manjotsbajwa
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@deliciouspodo, I agree. Rally has been going on for a few days now. Weeks of red then what seems to be a fake pump and volume. Most people are bullish but I feel market will drop again. Maybe in next 10-15 days.
If I had to guess though I'd go with your option slightly. I don't think we'll see parabolics until we've seen one or two more lower lows