All the levels were eaten so to speak so far (despite we uptrend from 3156 to 8300 at peak on Binance) which is actually 263% without single " serious correction" now its the right time for one.
On the first place we should experience correction up to 20% (dropping from current 8148$ level towards 7300$ and 6800$ worth Bitcoin , then trying to make previous high and as failing to do so it should collide further (to 5200-5400 level range).
Despite massive bullishness shown and eating all those resistance levels in no time, my view on it that 8000$ is a point that wont be crossed without previous " serious correction" (40% dump).
Now, we could expect BTC drop to 6833$, some sidewalk and attempt to regain previous high (and as failing to do so) colliding all the way to 5200/5400 range.
Despite technicals implying on further B uptrend and everything what follows upper described scenario, 8000 zone is a point for " NO GO" for BTC and a point of certain declination in order to form healthy and sustainable price.
Therefore, correction from 8000-8200 level its a must.
As per values of closing H4 candles on closure, rarely some actually closed full candle near 8200 level and previous higher high in 8366$ value on Binance, this price range is certainly unsustainable and as that one destines to collide, first by making LH, sidewalking, making previous high and dropping 40%.
That is simply scenario for healthy price building and i would not advise anyone to follow the hype made on BTC , since that person could end up on 5700 or lower as posted.
Good luck and happy trading.
This is financial advice.
I dont provide disclaimers because i'm not fake.
(As per my view on BTC , correction is a MUST) and 8000 level is actually very very tough zone for btc , so i do really doubt it could do so before dropping 40% and then as having a rebound going through it.
A the moment of writing this TA ratio between longs and shorts was TOTAL:
LONGS: $533,948,470 57.74%
SHORTS: $390,828,523 42.26%
That's roughly 37% in favor of LONGS.
Those longs will be liquidated first, then limbs will be ripped of from the bottom shorters :))))).
Thread very carefully with BTC , since even each and every candle on 8200 level went wick behind.
Good luck and happy trading !!!
Curent LONG/SHORT RATIO IS :
LONGS: $528,279,460 65.45%
SHORTS: $278,814,533 34.55%
We all do know who will be the first one liquidated.
Further fall at time of writting May 19.th 1PM UTC.
Once again, 8000-8400 level is " uncrossable from this instance"
Bitcoin needs correction after retesting potentially HH, so everyone would remain trapped on false pierce over/near 8000.
Therefore, i would advise everyone to rebuy on major correction -1500$+ this price so you won't let yourself sink with the BTC.
After correction, we could talk about technical side of potential rebound, but, till correction occurs, i would advise people to stay out of trade in order not to be cutten off for 30% (as btc falls towards 5500/6000 level).
Good luck and stay smart.
Thanks for sharing an idea mate.