Buying pressure on Bitcoin continues, what´s next?
Updated
We had a retest of 7120 with a 7140 peak overnight, followed by a strong decline to 38.2 fibo from 24 July, which also is 23.6 fibo from the beginning of leg C, that looks like a good point to start a new and last wave 5 to finally finish the ABC started at 14 August. The short squeeze we had a few days ago while BTCUSDSHORTS was at ATH, as expected it helped to push up the price and continue the path to the thick trend line which is controlling the price since January where the big challenge is.
Since we have seen this pattern over and over again during this year, the approaching to 61.8 fibo at around 7500, give us a clear idea of what the next whale movement is. If you combine it with the finish of an ABC retracement and the delay on the SEC´s ETF, you have a high probability of seeing another epic decline at around 61.8 levels, so while we are printing in many exchanges an ascending triangle, MACD and RSI are bullish, some alts are having a good time and I may profit until that happens, I´m definitely not positive on the Bitcoin short term future.
We could always get surprised, so we need the market pushing up the price and remain it higher - the closer price closes to the high of the day, the more bullish the move and likely continuation of upward momentum to feel more confident in this bullish momentum.
With all that being said, while we could hit 7200 very soon and have a pullback to today´s lows, chances of touching again the main trend line are high, however we have to to be alert around those levels and don´t fall into fomoness, since just there is where every big challenge is, and as I said, we have seen this pattern more than once this year.
Since we have seen this pattern over and over again during this year, the approaching to 61.8 fibo at around 7500, give us a clear idea of what the next whale movement is. If you combine it with the finish of an ABC retracement and the delay on the SEC´s ETF, you have a high probability of seeing another epic decline at around 61.8 levels, so while we are printing in many exchanges an ascending triangle, MACD and RSI are bullish, some alts are having a good time and I may profit until that happens, I´m definitely not positive on the Bitcoin short term future.
We could always get surprised, so we need the market pushing up the price and remain it higher - the closer price closes to the high of the day, the more bullish the move and likely continuation of upward momentum to feel more confident in this bullish momentum.
With all that being said, while we could hit 7200 very soon and have a pullback to today´s lows, chances of touching again the main trend line are high, however we have to to be alert around those levels and don´t fall into fomoness, since just there is where every big challenge is, and as I said, we have seen this pattern more than once this year.
Note
Chances of seeing a pullback to the 6700 mark are high now since the price has topped with a big resistance on the 1D chart.Note
This ABC could be finished by tomorrow.Note
The price finally breakout the resistance, this are my expectations nowNote
Despite the +75% bullishness on TV, there are some basic aspects that many traders are ignoring here. The fact that we are in a descending triangle and the last low was the lowest during this year, makes this rally another attempt to touch the main trendline and the 61.8 level with a continuation of the bearish pattern. My bias remains intact and I expect a heavy retrace very very soon, so to change my vision about it, the bulls need to keep pushing the price towards the 7500 making a solid base around those levels for a few days, which could bring us 8500 and a breakout to 10k.
Note
So the dump finally happened. I failed in 70 points, since I thought that we would touch 7500 before the dump. Obviously the whales played their games, it was easier for them dumping this thing hard before the people started to open shorts, so what they did it was a huge dramatic long squeeze.Things looks bad, I´m expecting a retrace from now/tomorrow, but even if we go again to 6800, this is definitely looking to retest the year low at 5780. I´ll update with a new chart by tomorrow.
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