Death Cross + Low volatily = possible massive DUMP
The market has been quite weak lately with a lack of any consistent market force either bullish or bearish as we approach the end of this triangle.
Now, the whole world is bearish because of Covid19, and the world's economy is slowing down, and Bitcoin IS PART OF THE WORLD'S ECONOMY if people are losing their jobs they wont be able to buy Bitcoin and might be forced to sell what they have.
We have failed multiple times to break the 7K resistance and we are slowing our momentum towards it, that could mean we are gonna break downwards.
ATR is at a low, meaning a massive movement is coming as low volatility generally suddenly and aggressively becomes high volatility as one market force that finds momentum will not encounter many obstacles from it's opposing force.
PA is quite weak, on the upwards momentum showing several retracements and weakness when faced against bears.
Finally, the overall sentiment is quite bearish .
Now, this is what I think will happen.
Whales are gonna push the price down while opening shorts
At the bottom, they will use their gains and the newly printed TETHERS to buy the bottom.
Then the real bull run can begin and they make quite a fortune.
OPENING SHORT AT 6792
TARGET 6265 (NOT A ROUND NUMBER AS SUPPORT IS USUALLY FOUND AROUND THERE)
Now, the whole world is bearish because of Covid19, and the world's economy is slowing down, and Bitcoin IS PART OF THE WORLD'S ECONOMY if people are losing their jobs they wont be able to buy Bitcoin and might be forced to sell what they have.
We have failed multiple times to break the 7K resistance and we are slowing our momentum towards it, that could mean we are gonna break downwards.
ATR is at a low, meaning a massive movement is coming as low volatility generally suddenly and aggressively becomes high volatility as one market force that finds momentum will not encounter many obstacles from it's opposing force.
PA is quite weak, on the upwards momentum showing several retracements and weakness when faced against bears.
Finally, the overall sentiment is quite bearish .
Now, this is what I think will happen.
Whales are gonna push the price down while opening shorts
At the bottom, they will use their gains and the newly printed TETHERS to buy the bottom.
Then the real bull run can begin and they make quite a fortune.
OPENING SHORT AT 6792
TARGET 6265 (NOT A ROUND NUMBER AS SUPPORT IS USUALLY FOUND AROUND THERE)
Trade closed manually:
TRADING GOT STOPPED AT 6840
REMINDER THAT THIS WAS NOT A DEATH CROSS, AS THE LONGER MA WAS ALREADY ABOVE THE SHORTER MA.
IN TIMES OF SERIOUS CHANCE OF EITHER PUMP OR DUMP I SHOULD HAVE MY STOP LOSS WITH AN ORDER TO CLOSE THE TRADE AND GO THE OPPOSITE DIRECTION.
REMINDER THAT THIS WAS NOT A DEATH CROSS, AS THE LONGER MA WAS ALREADY ABOVE THE SHORTER MA.
IN TIMES OF SERIOUS CHANCE OF EITHER PUMP OR DUMP I SHOULD HAVE MY STOP LOSS WITH AN ORDER TO CLOSE THE TRADE AND GO THE OPPOSITE DIRECTION.