Bitcoin Bull is Bear and Bear is Bull
Updated
So far so good, looks like Bitcoin following the bottom formation i showed a few days ago. The drops were slowing down, making new lows but slightly below the previous one, which shows that bears are loosing momentum, but are they?
With this i mean, are the whales preparing a short squeeze to fill up shorts again or are we seeing accumulation happening past days. For now i think it's the first one, of course never a way to be 100% sure about it, but what i do always do, is try to find signs that improve my odds.
This explains the title of this analysis, because i think that when we see a big push up here, towards 9200, good chance it's a stop hunt to fill up shorts. So the stronger the move, the more bearish it is. The max is 9250ish, above that zone my theory is prob wrong. (Red line)
Now if we see a smaller move up, then a drop again to test the lows and move up again, it will be more likely to assume that accumulation is going on. (Blue line)
So in general, my view has not really changed yet, been bearish a while now and still am. I still expect prices to come down much more, for a big part that is because alts took hits that were too big for a real bullish trend.
The biggest factors for me to change my mind, is what i described here above (and in my previous analysis. Until then, i remain bearish for the mid-term and slightly bullish short term.
Please don't forget to like if you appreciate this and want to support me :)
Previous analysis:
With this i mean, are the whales preparing a short squeeze to fill up shorts again or are we seeing accumulation happening past days. For now i think it's the first one, of course never a way to be 100% sure about it, but what i do always do, is try to find signs that improve my odds.
This explains the title of this analysis, because i think that when we see a big push up here, towards 9200, good chance it's a stop hunt to fill up shorts. So the stronger the move, the more bearish it is. The max is 9250ish, above that zone my theory is prob wrong. (Red line)
Now if we see a smaller move up, then a drop again to test the lows and move up again, it will be more likely to assume that accumulation is going on. (Blue line)
So in general, my view has not really changed yet, been bearish a while now and still am. I still expect prices to come down much more, for a big part that is because alts took hits that were too big for a real bullish trend.
The biggest factors for me to change my mind, is what i described here above (and in my previous analysis. Until then, i remain bearish for the mid-term and slightly bullish short term.
Please don't forget to like if you appreciate this and want to support me :)
Previous analysis:
Note
Bitcoin is scaring me a bit with how it's glued to that blue line in the primary chart, making me a bit suspicious about it :). Now all of the above still stands, but things are taking a lot of time now. Now real bull action or bear action past 2 days. On the right i have drawn another possibility, if we would see price make a big dump without breaking 9000, it could maybe form an inverse H&S.
Now what i had preferred to see, is a higher low around 8500/600, can still happen, but had rather already seen it yesterday. So all of this makes me a bit more bearish than bullish for the mid-term. Could be it's all just a bull flag, but tbh, not really liking it's shape though. But if 8700ish hold again and we move towards the 8850/8900, it's likely to see it break.
So, short term, pretty random. Mid-term is still bearish for me, as i described above, those factors still stand. Still think 9250ish is a key level
Note
New analysis Bitcoin:
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