MachiavelliTrader

BITCOIN BINANCE FUTURES NEXT MOVES, After manipulation outcome

BINANCE:BTCUSDT   Bitcoin / TetherUS
Hi friends, this market has taught me that only the patient dogs stay fat in this game and BTC /USDT is not joking about this after the recent pump and dump.

Let's face the fact that btc /USDT is in an indecision state that can either lead to a pump or more dump.

As a speculator I have to remember the effect sudden spike in volume can affect the price,
like what happened of recent when price broke out from consolidation and dump straight back into it with no remorse whatsoever about your Liquidation .

The Daily chart shows a very interesting Bat pattern formation where the current XA swing retracement to B was less than 61.8% which fits a BAT formation than a Gartley .
but don't forget that this pattern failure could occur if btc /USDT fails to cross the neckline zone around 10k to 10400 and this can lead to a dump to the 8700 zone or even further to 7500.
As futures traders, we have to be open to what ever direction BTC chooses, but this can only be caught if you are patient enough.

The current Bearish BAT could take btcusdt on binance to a possibly 11k zone at-least, and that is only possible if BTC makes it above the current neckline.

Few questions about my current view on the market;
*ARE YOU CURRENTLY BULLISH OR BEARISH ON BTC /USDT?
my answer: I am neither bullish or bearish until I am sure of where the market is going, Better to be in USDT than loose money chasing winds.
*ARE YOU CURRENTLY ON ANY TRADE?
my answer: NO
*WHY?
my answer: I will prefer to wait and see how btc reacts to the neckline before taking any trade because only the patient dog stays fat in this game.

TOP ZONES TO WATCH :
Resistance for long
9950 - 1050
10300-10610
11900-12090
Support for short :
9200 - 9k
8500-8200
7600- 7300
6666
(Support my ministry by supporting idea with your like and comment your view on BTCUSDT )
Comment: I noticed that for BTCUSDT, if Plan A to complete the Bearish BAT fails, it is likely going to follow a plan B and this plan B is forming a strong Head and Shoulder around the 8k to 7500 zone that will successfully sky rocket it to 20k but BTC will need to dump to at least the 7500 zone for Plan B to work
Comment: Inverted Head and Shoulder*
Comment: BTC showing signs of some lil pump but could this be playing the pump and dump game again?

Comment: We have a break out, as I stated on my last update on this post that BTC will try to breakout from the current consolidation but will the breakout be fake or real will depends of BTC manages to hold price above the 9800 zone, if price continue to react negatively to this zone and fails to hold above it then this can only mean the breakout is fake out.

Comments

Will the neckline break or fail?
Reply
MachiavelliTrader MachiavelliTrader
@MachiavelliTrader thank you, I will definitely keep updates coming
Reply
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