After a distribution time that we have been in. Bitcoin price has dropped sharply. Since then we have been in a wide range for a very long time. Now there is too much greed in the market as greed indexes shows. After the last bad news about blocking mining in China, retail investors has entered leveraged positions in bitcoin. Those traders has been liquadated by the whales and their short positions turned to long positions which caused that last bullish move. Which tell us that a very big part of the last move was created by the retail investors (Fake move). At the meantime the retail traders and investors are greedy. Know there is two theories.
1- The whales have been accumulating big amount of bitcoin and they are preparing for a markup. Well this theory must be confirmed by very strong news to open long positions on bitcoin.
2- The whales were distributing and this last leg is for provoke the greed sentiments of the retail traders and investors so they will start buying bitcoin and on the other side whales will be selling them. I actually prefer this scenario because it's fundemetally supported and it will be strongly supported in case issuance of the new taxes law. But we will start placing our short orders after seing a break of the RP level on 37150$. To confirm our movement we must see a lower low and their corrections must not overlap eachother to be sure about the strenght of the price movement.
1- The whales have been accumulating big amount of bitcoin and they are preparing for a markup. Well this theory must be confirmed by very strong news to open long positions on bitcoin.
2- The whales were distributing and this last leg is for provoke the greed sentiments of the retail traders and investors so they will start buying bitcoin and on the other side whales will be selling them. I actually prefer this scenario because it's fundemetally supported and it will be strongly supported in case issuance of the new taxes law. But we will start placing our short orders after seing a break of the RP level on 37150$. To confirm our movement we must see a lower low and their corrections must not overlap eachother to be sure about the strenght of the price movement.