Bitcoin: More of the same
Updated
So as usual they released bearish 'news' and a mysterious dump happened, just as we were testing the resistance.
These kind of market manipulations have happened all over 2018. This time they even used fake news, that is to show how irrelevant news actually are.
The market goes where their TA tell them where it needs to go in order to make maximum profit at minimal costs (exchanges,whales). As I have been saying since I started TA on here, the crypto ecosystem needs new money to enter the market in order to keep making money. Because of that they need to pump the price at some point. It looks like the triangle will end by November.
Shorts are at an ATH. Whoever shorted before the GS news probably bought back. Some say that this was a long squeeze.
I imagine it's time for a short squeeze.
At any time a surge capable of breaking the resistance can occur, so what you see above is the worst case scenario.
These kind of market manipulations have happened all over 2018. This time they even used fake news, that is to show how irrelevant news actually are.
The market goes where their TA tell them where it needs to go in order to make maximum profit at minimal costs (exchanges,whales). As I have been saying since I started TA on here, the crypto ecosystem needs new money to enter the market in order to keep making money. Because of that they need to pump the price at some point. It looks like the triangle will end by November.
Shorts are at an ATH. Whoever shorted before the GS news probably bought back. Some say that this was a long squeeze.
I imagine it's time for a short squeeze.
At any time a surge capable of breaking the resistance can occur, so what you see above is the worst case scenario.
Note
Shorts are decreasing but price as well, not usually a good sign.Note
It might really take as long as the prediction.Note
As I predicted, nothing is happening. And it's going to stay like this for the time being.Note
I drew some lines on the short chart and believe me, it mysteriously hits the base on the 28th (didn't even remembered that was the date on the chart above). When I last had this correlation I could figure out the date of the retest.
So I'd say we will retest the resistance on the 28th. Let's see if I can get this right again.
Note
By the way how I obtain the 28th on the chart is by using the length ratio between 'wave' (yellow segments).Note
Please note that I do not care about ETF dates. But yes It might go down on the 30th not the 28th. This is not an exact science.Note
The impact of the ETF announcement was really negligible.Note
Some people (like this guy tradingview.com/chart/BTCUSD/GbSU6I4a-END-ALL-Know-All-See-All-BONUS-Cheap-Props-Included-UP-VOTE/) believe that we hit the resistance at 6700.This is wrong but maybe this belief will accelerate the bull run. Because we should break 6700 by the end of the month (my 28th of september prediction).
This prediction is still valid in light of the latest shorts decline (28-29th).
Note
I'm making very risky predictions because otherwise that's not a prediction, that's generic tradingview.Note
Did we bounce off the resistance?It's possible.
Note
Day volatility is starting to be more important than the difference between support and resistance. We will be leaving the triangle in the next weeks.Note
2 weeks to go...Note
BTC is correlated with the stock markets. Unfortunately.We are still well within the triangle but this is a very tense situation.
Note
Please note how the timing of the prediction was accurate!Note
It's time to move on to the same chart, but the bitstamp version :
Note
Because bitfinex is a USDT exchange, which doesn't sets the real price for bitcoin.
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