in the smaller circle, we can see distribution as well as the start of a possible down trend. You can clearly see a disproportional amount of buying in the other circle, which may result in a small selloff. wait for down trend confirmation, or open up low leverage short with a loose stop loss.
we'll built support in the circled area which gave a platform for a new buyer to pump the price. But over night, that sell off tested the support. We currently are just under that failed support. If said support rejects us down further, then it's safe to say that it is new resistance.
based on the start of a global recession and the text book inverted A&E as well as the standard A&E, we are going to a value of under $5k per bitcoin. have shorts open with low leverage so the swings don't liquidate you and be ready to buy more at prices we may never see again.
So let me start by saying there will be swings and spikes that us day traders use for profits so ignore those from a more macro perspective. We all know that the top financial asset holders (whales) have a more realistic understanding of where the market will be and I'm going to help you with understanding the same so you can make a rational decision about your...
if this can't break the stiff resistance in the next few hours at 6800 then think about shorting this down to 5800 max. keep an eye out for confirmation in the news about finalizing the relief package. it may cause a short rally to the upside but won't stick.
the movement is still following my projected line, but now started to flatten out. i still don't think this coming day will bring in new buyers which will cause the price to slowly bleed with the lack of trading volume. But i'm not going to open a position without an obvious indicator. It's all about the risk management. stay safe
the us government is purchasing a trillion dollars worth of debt everyday for the rest of the month. That was the reason for the Gold and BTC prices jump. watch for it again at this same time i marked. open a long if you are comfortable. If it doesn't pump within a couple hours of time marked then be prepared for a little dump.
so i went back over this, because i'm still waking up, and looked at it wrong. this is actually a reversal pattern indicator. i personally think a rally to test resistance in the 6800 range before dumping is a possibility, but i'm going to open a short position here.
If the whales don't use the price opportunity to dump, then look to open a long position in the circled area. Historically dumps are about 2-3 says after price jumps to allow order books to fill up but then again it is crypto to be careful and manage your risk.
noted by previous publishing the candles landed perfectly on my drawing. It's textbook short situation. Days like the past weekend aren't always easy to predict. fealt too easy, expecting the predictability to decrease this week.