BitcoinUpdated Bitcoin possible 10k target before crash round 3
Just a quick look at 2014 May-July formation. It appears that we may be going to test the 200D MA. If that level fails, we may see a second death cross which will drive bitcoin down the 3rd time to make a new low (2k?).
The market is supported by 1-minute pumps ---> this is a fact.
We know 1-minute pumps costs money. The market makers probably aren't making money from bitcoin. They're posting profits from select altcoins.
Therefore, when altcoins stop growing even after a 1-minute pump (if & when that happens), they'll know it's the top & sell the altcoin market. At the same time, they'll stop making costly pumps for bitcoin & the price will gradually slide.
In other words, pushing bitcoin price up is a costly endeavor meant to help MMs make money with altcoins.
Another clue we may follow is the top comments on TV. They'll probably remain wrong. Wait for them to flip to bulls.
The market is supported by 1-minute pumps ---> this is a fact.
We know 1-minute pumps costs money. The market makers probably aren't making money from bitcoin. They're posting profits from select altcoins.
Therefore, when altcoins stop growing even after a 1-minute pump (if & when that happens), they'll know it's the top & sell the altcoin market. At the same time, they'll stop making costly pumps for bitcoin & the price will gradually slide.
In other words, pushing bitcoin price up is a costly endeavor meant to help MMs make money with altcoins.
Another clue we may follow is the top comments on TV. They'll probably remain wrong. Wait for them to flip to bulls.
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Just realized it may not be clear on my post that possible 10k & the market dynamic are two separate ideasI'm quite sure about the second, because sooner or later they'll run out of suckers. The level is unsure.
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a breakout of old trend doesn't equal the confirmation of a new one. altcoins have in my opinion overheated. bitcoin may or may not climb a bit. Note
Bitstamp chart probably easier to spot the "parallel" here:Note
Note
1-min pump helped bitcoin break out of ascending wedge (almost)Probably more upwards movement first.
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looks like a pattern that'll crash soon. very likely as a result they'll pump it hardNote
the first rule of trading is don't buy resistance, esp. when there's no support in sight.I believe it is precisely because there's no support & lots of resistances that MMs keep pumping. for the next few days I'll trade against my readings of the market. hopefully will make money again
Note
dilemma: I'm almost certain it'll crash in 24hlook at the resemblance to January
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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.