IMO the bitcoin price is driven mainly by whales right now, and their goal is to take the price over $70k dollars so the FOMO hits and the news + retail tsunami takes the price to their target around $100k. $70K is a huge resistence and we see BITCOIN run out of steam right there, the whales saw this as failed attempt, they dumb the price liquidating longs while spreading FUD at around $60K which is huge support and buy area. At $60k we saw a huge wick off to $58k, there even more long were closed but most importantly a lot of short were opened and big players bought at a discount and even at leveraged positions preparing for a next retest of the $70k area. Few days ago we saw the second attempt fail at $69k and the same repeated. There is two ways this can go:
1) We see a huge pump liquidating a few shorts and a retest of the $70k area in the next 2-3 days.
2) The price gets driven to around $58k but it stays there for a few days making people think the BULL RUN is over which will mean a huge amount of short are getting opened. The price is not coming down cuz whales are buying. When the time comes IMO around 24th of November whales pump the price in, liquidating shorts. The retest of $70k must happen quickly so people dont take profits and short sellers wont open shorts cuz of the quick pump.
I think option 2 is more likely because we have already 2 failed attempts trying the first option. If we fail to break $70k again the bull run is over IMO, if we break $70k the FOMO and the NEWS kick in and we might see PlanB prediction play out. Please give suggestions in the comments.
1) We see a huge pump liquidating a few shorts and a retest of the $70k area in the next 2-3 days.
2) The price gets driven to around $58k but it stays there for a few days making people think the BULL RUN is over which will mean a huge amount of short are getting opened. The price is not coming down cuz whales are buying. When the time comes IMO around 24th of November whales pump the price in, liquidating shorts. The retest of $70k must happen quickly so people dont take profits and short sellers wont open shorts cuz of the quick pump.
I think option 2 is more likely because we have already 2 failed attempts trying the first option. If we fail to break $70k again the bull run is over IMO, if we break $70k the FOMO and the NEWS kick in and we might see PlanB prediction play out. Please give suggestions in the comments.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.