Basically no overanalysis just based on MOMO (Momentum Traders point)
Which means once an asset goes up it will continue to do so with small corrections in between.
Not a financial advice just testing DOOM & MOON Variants.
Greed is stacking up
Why are we going up? For no reason at all.
Fundamental literally ZERO reasons. Just PURE speculation pump based on no outside interest. The smoke has been imprinted already in general mindset that Mt. Gox coins will be released in 2 years. Hmmm based on some guy that had no more patience and sold his claim.
Technically we were in a neutral...
We have a classic "M" top formation which signals a change of a trend in most cases.
As W formations signal bottom formations of any type of assets.
Fundamentally Binance & It's token is like a company at its stock. It reacts to what the company does.
So we had a token burn the reaction was pretty low on that.
Owner of Binance, CZ started to delist BSV in...
So basically BTC will test the resistance. After doing that test hitting it maybe 2-3 times. It will continue the downtrend until 2020 Spring.
A bull market in the whole history of Bitcoin, never, never started from a V bottom and for the past 10 years, it had only done double bottoms.
What changed? NOTHING. Just a mysterious buy-out of 20.000 BTC that...
Took a break to study what pattern provoked this sudden increase
And it all became clearer.
Textbook Wedge's for the downside & upside.
They are perfectly fit one created a 50% down movement
The other one created a 30-35% up movement (so far)
There is so much to say fundamentally this bull trap has literally not a single backing.
But heck the whale who did it I must admit was super-smart way to accumulate more BTC on the way down with a bit of hopium and lots of liquidity.
Still the market was pumped with less then 30.000 BTC on upcoming dump of 140.000 BTC&BCH.
Let's be optimistic only 30% dumps the rest might HODL. :) Even if 10% dumps it still looks bad as it will trigger a waterfall event and more panic.
All the choppiness was with the intent to create this perfect pattern and very symmetric 3 Drives TOP.
Money Flow Index = Overbought level (Last time that happened was a very violent breakdown.)
RSI = Overbought Levels
This movement marked the beginning of 1 Week + 1 Month candle building the upper part of it. Which means it will remain to build the down-part of...
Money Flow Index in the overbought area
Year Low Volume Record
Mt.Gox Rehabilitation Plan on April 26th for distribution of BTC www.mtgox.com - Last Report 20 March 2019
Google Trends show low0interest World Wide in Bitcoin...
Can you imagine longing this rising wedge on low volume and forced out until the last candle? I can't.
Many can imagine. The whole Crypto Twitter + Trading View chat moonbois are into a big long, waiting for a breakout to 4500$
Breaking news? Ain't going to happen.
Don't panic bottom will come soon, will be short lived and we all can get along with...
This is what we have now.
Bear Point Of View
EMA200 Holding The Price like always since the beginning of the downtrend.
MFI in the overbought area, Money Flow Index is similar to RSI just that has the volume weight in.
CboE Removes April XBT Contracts due to low volume on this product on their platform
April 26, Mt.Gox Trustee will announce the distribution...
We had a beautiful altseason with gains of over 300% in many cases. That means triple your BTC. Ain't that good? I bet it is!
But don't over stay to long in it. Some coins will still have some juice in them by the end of the season. But LTC has always led the market & season since 2015.
Now we enjoy the rides & profits. Stay safe!