WHY BITCOIN MAY NOT SEE $5K AGAIN.....NEXT TARGET $11800
The recent Bitcoin's price move is still being perceived by many as a manipulative pump, making lots of people to believe we will see a massive dump to correct the parabolic move.
But after studying the chart well, i am of the opinion that bitcoin's price may not dump after all as many are expecting, infact what we might likely see is a healthy correction to the 0.382 fib level at 6400 (which we got at the early hours of today), or a maximum retrace to the 0.50 fib level at 6000-5800, and a period of consolidation to cool off RSI and Stochastic completely and then we get a move up higher
The reason for this is not far fetched. The move from 4000 level to 8400 level wasnt really a manipulative pump orchesterated by market makers or mere FOMO, but rather it was as a result of a very strong accumulation (wyckoff accumulation) between 3100 and 4200 levels
The break below 6000 level led to a selling climax ((SC) giving professionals an opportunity to absorb the selling pressure (buy up) at 3400-3500 level, hence the automatic rally (AR) to 4200 which formed the top of the trading range followed by a seconadary test (ST) of the lower levels— pull back to 3100—- to finally shakeout the remaining sellers left thus forming the lower boundary of the trading range.
Buyers stepped in again at 3100 pushing the price to 4000, but unknowingly to many, the complex pull back to 3200 and the higher highs to 4200 giving a rising bottom formation was an indication that sellers where exhausted and a reaccumulation was going on thus pushing price higher
The strong force of accumulation broke price out of the trading range to the 5000 level, and the smart investors seeing that sellers were exhausted, added more to their bags hence the higher low, higher high formation from 5000-5700.
The increasing demand at this level forcefully took out the 6000-6500 resistance, and ofcos the FOMO crowd join at this level and the result was astronomical.
Right now we are at phase E of the wyckoff accumulation, and at this phase, demand is in control, pull backs are majorly healthy corrections and consolidations and are short lived.
What investors do at this level is to monitor the progress of their investments as it works out it force of accumulation from bottom-up, while making price projections to determine the reward/risk prior to establishing a speculative position
Moreover, those who joined the move and bought at 5500-6500 levels will not be willing to sell in the immediate. So there are more people hodling than selling right now.
This is why i said we are not dumping yet. This market will only see a healthy correcetion and probably consolidate to cool off RSI and stochastic before the next leg up
If you are waiting for a dump to 5000, you probably will be disappointed, this market will move higher after a period of consolidation and correction, and you would be left behind again.
My advice is buy BTC now while it is still cheap and invest in cheap alts as they are still way undervalued now.........
But after studying the chart well, i am of the opinion that bitcoin's price may not dump after all as many are expecting, infact what we might likely see is a healthy correction to the 0.382 fib level at 6400 (which we got at the early hours of today), or a maximum retrace to the 0.50 fib level at 6000-5800, and a period of consolidation to cool off RSI and Stochastic completely and then we get a move up higher
The reason for this is not far fetched. The move from 4000 level to 8400 level wasnt really a manipulative pump orchesterated by market makers or mere FOMO, but rather it was as a result of a very strong accumulation (wyckoff accumulation) between 3100 and 4200 levels
The break below 6000 level led to a selling climax ((SC) giving professionals an opportunity to absorb the selling pressure (buy up) at 3400-3500 level, hence the automatic rally (AR) to 4200 which formed the top of the trading range followed by a seconadary test (ST) of the lower levels— pull back to 3100—- to finally shakeout the remaining sellers left thus forming the lower boundary of the trading range.
Buyers stepped in again at 3100 pushing the price to 4000, but unknowingly to many, the complex pull back to 3200 and the higher highs to 4200 giving a rising bottom formation was an indication that sellers where exhausted and a reaccumulation was going on thus pushing price higher
The strong force of accumulation broke price out of the trading range to the 5000 level, and the smart investors seeing that sellers were exhausted, added more to their bags hence the higher low, higher high formation from 5000-5700.
The increasing demand at this level forcefully took out the 6000-6500 resistance, and ofcos the FOMO crowd join at this level and the result was astronomical.
Right now we are at phase E of the wyckoff accumulation, and at this phase, demand is in control, pull backs are majorly healthy corrections and consolidations and are short lived.
What investors do at this level is to monitor the progress of their investments as it works out it force of accumulation from bottom-up, while making price projections to determine the reward/risk prior to establishing a speculative position
Moreover, those who joined the move and bought at 5500-6500 levels will not be willing to sell in the immediate. So there are more people hodling than selling right now.
This is why i said we are not dumping yet. This market will only see a healthy correcetion and probably consolidate to cool off RSI and stochastic before the next leg up
If you are waiting for a dump to 5000, you probably will be disappointed, this market will move higher after a period of consolidation and correction, and you would be left behind again.
My advice is buy BTC now while it is still cheap and invest in cheap alts as they are still way undervalued now.........
Related publications
Disclaimer
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.