Bitcoin continues sideways with the multiple short squeezes. Will it finally go to the downside to 15k or we will see the bounce? Let’s look in details!
Let’s take a look at the BTCUSDT chart of the WhiteBIT exchange. I applied the Williams fractals indicator to the chart and marked the key fractal. This fractal defends the downtrend on the 4h timeframe. it’s breakout (with the obligatory candle close) will lead to local trend change to the uptrend. In case of successful breakout I anticipate also the trendline resistance breakout. It means that the huge triangle will be broken to the upside with the final target of 25k.
We can see that this key level is associated with the multiple rejections to the downside. If we will see another one rejection, there is a high probability to see the trendline support breakdown with the $15 final target reaching.
Now I have only the tradevestment part of deposit in Bitcoin, it’s approximately 20% with the average price $20500. The plan is following: if we will see the key level breakout I am going to open the speculative longs and close all position including this 20% at the 25k. The breakdown to the downside is more profitable for me. In this case I will buy Bitcoin below 17k for the 50% of deposit and close at 29k.
Fakeout income perhaps? Momentum to the upside has slowed considerably and buy volume has decreased at these prices, looking at the VADER indicator, its signal line is moving more sideward than upward so I predict prices to come back toward $19.2-19.4k with $21.8-22k being the highest which coincides with the High ADR, R1 and the vector candles, breaking and closing above these prices will invalidate my prediction and we can then start to set our targets towards ~22.7k. Asian markets are holding up their bullish strength and continuing to move up which has clearly help fuel BTC's price action. My eyes are set for NY opening bell and see where SPX ends up today, this is why I still feel a fakeout is likely before 19k figures return if SPX comes out strong like Asia. I saw your post about the BTC Short ETF having high inflows, this could signal bullishness for BTC as following ATH inflows to BTC ETF's @ 69K, we have been dumping ever since. It could be co-incidence, it could mean nothing but its not something I would ignore.
Skyrex
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@WPTraders, The price broke the key fractal, Bitcoin really have the potential to reach your fakeout target. There we have to watch carefully.
WP_traders
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@SkyrexTrading, I would have to agree with you there; managing to sustain prices above the trendline and the 20.8k level, I will have to reevaluate my analysis. I am still under the impression we are range bound for a while between 18.5k and 22k.
PensieriParole
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who knows bro, we where all rich if we knew btc manipulation
Fakeout income perhaps? Momentum to the upside has slowed considerably and buy volume has decreased at these prices, looking at the VADER indicator, its signal line is moving more sideward than upward so I predict prices to come back toward $19.2-19.4k with $21.8-22k being the highest which coincides with the High ADR, R1 and the vector candles, breaking and closing above these prices will invalidate my prediction and we can then start to set our targets towards ~22.7k.
Asian markets are holding up their bullish strength and continuing to move up which has clearly help fuel BTC's price action. My eyes are set for NY opening bell and see where SPX ends up today, this is why I still feel a fakeout is likely before 19k figures return if SPX comes out strong like Asia.
I saw your post about the BTC Short ETF having high inflows, this could signal bullishness for BTC as following ATH inflows to BTC ETF's @ 69K, we have been dumping ever since. It could be co-incidence, it could mean nothing but its not something I would ignore.