A BEAUTIFUL, CLASSICAL Double Top in BTCUSD - thsi is a STRONG Bearish formation has been completed on 4 H and 8 H time frames.
As the Markets of Nasdaq and S&P will continue the fall today - a VERY GOOD OPPORTUNITY for SHORTING bItcoin TODAY.
Gentlemen - THIS IS serious.
The major lower Supporting trendline has been crossed down by BTC.
As well as final Departure lower from a 240 hours MA.
Next support - possibly 20,000 $
As the famous song on Jericho walls "and the Walls came TUMBLING DOWN"
When a big Fund or Whale intend to sell and LIQUIDATE a big Chunk of its soon-to-be-worthless Bitcoin - it OPTIMIZES the time and day.
The smallest participation in the Market is of course on Saturdays and Sundays when almost all the Institutionals are closed.
Then The price reaction to a big sale will be the least on weekends.
This IS A REPEATING trend - BIG...
Bitcoin has just broken multi-day Lower trend-line.
And Once again - the market maker has Opted to dump on Saturday, to sell at the time the Institutionals are closed, and thus at the best price to sell
If we break 20k and flip it to resistance then we will indeed go to 12k levels, where there is big support.
This is possible from fundamental analysis
1. more rate hikes for about three quarters
2. stock market has not bottomed out, there is support coming in, though
3. borrow protocols like celsius and 3ac who needs to be liquidated
4. 4 year cycle...
Projection with squeezes, and idk because the description takes the entire screen and I can't see my chart when I'm typing but fulfilling the allotted space required to present a image, messed up ... i know .. check it..
It is sickening. Glassnode is continuing to indicate wallets that bought Bitcoin last year are the ones selling. Yet I know there’s a high probability price action is about to move back up to $48k. Regardless of ‘how’ I feel about this, the market needed to move those players off the board.
On the above 10hr chart price action has corrected a massive 40% since...