Bitcoin looking for liquidity before a new and bigger dump
Alts market is moving definitely weaker in a low formation, defining what it could be the end of this mini-season and the beginning of another impulsive wave that could drive the market to the support line created in the June 2016. So far alts held nicely the last dump, but a further dump in Bitcoin could turn things badly big time.
The last dump in Bitcoin seems controlled for now, and I expect a short squeeze soon. Again those 25x+ positions at BItmex will get rekt as always, nothing new. What the market is doing now is more like a short term accumulation to start distributing in aggressive mode at around 5500/5800. 6k is also possible due to shorts increasing the price when they get liquidated so I won’t be amazed if that happens.
Now is time to build an strategy in order to be ready for the next big move. What do you guys think that it have all the chances? Breakout 6k and be there for a while on the way to 10k or get a heavy rejection between 5500 and 6000 to make a new correction and see how the 3-4 support works? The answer is obvious and that´s what I´m going to plan and execute.
In our Telegram channel we are profiting not just from Bitcoin but also from alts, we closed a recent trade in BCH with a safe set up and a high return, above 16%, and just now we are inside of a trade in in green and with SL placed at entry, so we will never lose any money if the price suddenly gets reversed What makes the difference between our signals and many others out there is the fact that we handle risk under a money management strategy that protect us. That together with experience, dedication and skills is the only way to be success in this crazy market.
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