BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Bitcoin reached 5640 and seems that higher highs are coming. Shorts increased during the last days while longs decreased, not extremely relevant but something to look at. While shorts are increasing the price is increasing as well, shorts with more than 25x are getting rekt, while orders with lowers leverage will hold the increase in price.

So larger operators are already setting the next drop , red flags are popping everywhere. Have a look at this criteria and see if it suit your analysis as well:

1. From 5700 to 6000 is when Bitcoin will enter real resistance area , remember that we were months at 6k in 2018.
2. The price will be slightly above 61.8 fibonacci retracement .
3. Network transactions value calling a correction since April 1st (price overvalued).
4. After a Golden Cross/Death Cross the price uses to get reversed.
5. Elliot wave count is almost done.

Litecoin and Ether are not following Bitcoin in this last uptrend and the rest of alts are already falling or sideways. The bloodbath is coming and as always, the big losers will be alts, as smaller the market cap, the bigger the drop , however I believe that BCH with more than 5 billions market cap will suffer quite a lot.

I´m sending signals and updates on a daily basis to my Telegram channel. Feel free to join us and don´t forget to like and follow if this analysis has been useful.
Comment: That was a good retrace. Seems that the market could be ready to continue its way up. The price bounced good at 5370 which is support. Let´s see how the price behave at 5500 that is now the new resistance.
Comment: What happened today in Kraken and now in the whole market together with the bad news for Bitfinex and Tether is not a joke. Let´s see how the market reacts tomorrow, but it could something big. For now if we break 3900 the panic could be easily high.
Comment: New Bitcoin analysis.
Bring it on baby. Long term hodlers ain't scared of shit like this. Let it dump to stack more corn!
@M5AV, thanks! This still could go back to 5500 before the real dump tho. I´ll keep you guys updated.
+1 Reply
M5AV Coinamic
@Coinamic, Yes, I think a pump to 5.3 - 5.5 to take out the over leveraged bottom shorters is not out of the question.
Great call man! Happened a little sooner than expected but you nailed it. Hats off to you :)
Coinamic TradeIndicators
@TradeIndicators, thank you!
This could happen but I would take a look at @TradingShot post, the make a really good argument of why we could continue to go long. I love your TA here and it absolutely needs to be considered but just thought that was a really good perspective by them. We are currently long and have the same outlook at @TradingShot but love how you pointed out the resistance zone which we also see on the shorter time frame. I think in meantime we are due for the move up to resistance and then a correction down and then a possible bull run again. Thanks for the great analysis! Cheers :)
+1 Reply
Coinamic TradeIndicators
@TradeIndicators, yeah that´s pretty much my overall vision at the moment. Bulls are not done yet, they´ll push it higher around 6k and because there will be shorts SL placed at around that area, the price could get spiked, I´m aware of it, however at those levels the bull trap will be huge. An at least 2 months corrections comes after 6k.
You think the bear started? I'm curious.

I think I'm going to go 5.9k.

And hell.
Coinamic reverie153
@reverie153, I think bulls are not over yet...5900 is the same level that I’m eyeing, if you get to my telegram channel you’ll se how I planned the trades looking for a last pump
reverie153 Coinamic
@Coinamic, Okay, I'm going in, lol
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