Looks like Bitcoin might be forming a Wyckoff accumulation pattern.
If you don't know what it is, it's basically when whales manipulate markets to try an exhaust demand, and buy as much as possible at very low prices (also look it up on google to see the pattern for yourself).
If this pattern is playing out, we are in "Phase B" where whales are buying at low prices to push up the price and make a quick profit, then dump what they have at the top to later buy the crash.
According to this pattern, we might be heading to somewhere around 46k, near the PS (preliminary support) which would be the top before the big drop.
This being said, Bitcoin could have somewhat of a nice run along with alts before dumping hard, so don't get too confident if Bitcoin gets back to around 45k, that is where you should take profit in my opinion.
Also, you should know that if/when Bitcoin crashes down to 20-25k, it is going to be an extremely fast move, just like what happened when it dropped from 38k to 30k. It is all going to happen in a matter of minutes, so you have to be fast and not hesitate to buy the extreme panic.
Of course, this pattern doesn't have to play out, but knowing that the whales are manipulating the market, this is usually the pattern they follow. So be aware.
Any questions?
Good luck traders
Remember not to break your rules
Habib
If you don't know what it is, it's basically when whales manipulate markets to try an exhaust demand, and buy as much as possible at very low prices (also look it up on google to see the pattern for yourself).
If this pattern is playing out, we are in "Phase B" where whales are buying at low prices to push up the price and make a quick profit, then dump what they have at the top to later buy the crash.
According to this pattern, we might be heading to somewhere around 46k, near the PS (preliminary support) which would be the top before the big drop.
This being said, Bitcoin could have somewhat of a nice run along with alts before dumping hard, so don't get too confident if Bitcoin gets back to around 45k, that is where you should take profit in my opinion.
Also, you should know that if/when Bitcoin crashes down to 20-25k, it is going to be an extremely fast move, just like what happened when it dropped from 38k to 30k. It is all going to happen in a matter of minutes, so you have to be fast and not hesitate to buy the extreme panic.
Of course, this pattern doesn't have to play out, but knowing that the whales are manipulating the market, this is usually the pattern they follow. So be aware.
Any questions?
Good luck traders
Remember not to break your rules
Habib
