Long

Bitcoin formed a big bull flag / correction is over

Updated

In previous idea I said bitcoin is probably going to set a higher low. Now it looks like a higher low is set and bitcoin has finished correction. The whole falling structure of correction turned into a big bull flag that I also mentioned in previous idea's updates.

Now price should try a break of red zone resistance and blue line of bull flag, In case of fail should test green zone support again.

There are many ideas on tradingview saying there is a big inversive head and shoulders. I think they are just creating FOMO and H&S doesnt exist because highs and lows of its shoulders are to much different, there is just bull flag. On dayly and weekly timeframes bitcoin is not ready for another big upward move as well so dont get FOMO'ed by that unexisting H&S.
I expect price to do something like those black lines, bitcoin to consolidate for a while in 11000-13000 range first before trying a break of 14000.

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By the way I'm running tg channel where I provide free high quality BitMEX and Binance trading signals. And this idea is our current guidline for daytrading. Tradingview does not allow to post links, so search yourself on tg for "@Free_BitMEX_and_Binance_signals" or pm me for link.

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For now bitcoin has formed double bottom which can lead bitcoin price to 11800 zone. Pink lines show us triangle, in case of breaking up it should complete double bottom and pump price to 11700-900, in case of breaking to downside price should retest green zone support. MA's cross can trigger pump.

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Triangle from last update played well and we traded that move successfullyin my tg channel.
As was predicted in last update double bottom tried to lead price to 11800 zone and as I said in the beginning of idea if price fails to break red zone it should retest green zone. That all happened and now price is moving inside a channel. If price goes up like black line chances to break red zone and resistance of big bull flag are 80%. But to enter trade we need to see a break of orange line first. If price fails to do it there are 80% chance for a dump like green line.

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As was predicted in last update a break of orange line made price to try to follow black line. In my tg channel we have successfully traded this move.
Price struggled a lot against red zone once again and against ma100 as well, eventually failed to break them and now either can drop to green zone like purple line or try another break of red zone like black line. For now a drop to green zone looks like more possible, but to enter trade we need to see consolidation first, this flat market can decide to change its direction at any moment.

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As I said in last update to see market direction we need to see consolidation first. Price formed that consolidation triangle, and since it has already been broken to upside, after some retracement price will probably try to keep following black line and try another break of red zone and big bull flag as well, and has all chances to succeed this time.

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Big triangle (red lines) is also near to a break, together with big bull flag they can lead price to 13000 and even higher.

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All predictions from last updates were right, orange lines triangle after some retracement helped price to complete black line action as well as blue lines channel has been completed now too.
In my tg channel we have successfully traded this move and now waiting for big red lines triangle and big bull flag from the beginning of this idea to do their job as well.

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Big triangle from last update worked well and we have successfully traded this move in my tg channel.

In next hours there are still little possibility of a double top or even a touch of 13000, but in next days I expect a consolidation somewhere at 11000-12000 range, as I said in the beginning of this idea I dont think bitcoin will break 14000 that fast.

Even though bitmex whales are sleeping, there were 9000 bitcoins sold in few minutes on binance by some big seller, probably means whales agree with me and are not going to push price higher just right now but want some retracement first

Local low of 12100 is a trigger for bigger downside move to 11500-600 zone.

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"little possibility of a double top or even a touch of 13000" that I mentioned in last update happened and whales tricked bulls nicely on 13200 level. Actually that was one of their favorite tricks, I will explain more about how to trade tricks like that in my ''anti whales" trading course when I finish it somewhere in the end of the month.

Prediction that its too soon for price to be pushed higher was right and now the question is where the drop is going to stop. As I said I expect consolidation somewhere in 11000-12000 range so more drops are possible in coming hours/days.

After current 12400 level next good support is 12100 and thats ma100 level as well. Previous 11700-600 strong resistance is now strong support and price should meet ma200 here as well, so if price drops to this level, there should be at least some good pause here.

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Prediction from last update was right and price dropped to green zone, now bounced as well. So far there is a clear big buyer (whale) below 11620 level, acting like "you shall not pass (drop)". But still big drops are possible and to enter long confidently we obviously need to see consolidation first.

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There was 10000 BTC short closed on Bitfinex by one person. Typical whales manipulation. Blue circle shows when same manipulation happened last time, there were a lot of longs opened, but still market dumped later. Same was should happen already today. But the difference is that this time open interest is high after that big short close and previous time OI was low.
Since market hasnt been dumped yet, I have a guess, just a guess that whales are going to push price higher to 11900-12100 zone and start the dump only here. This trick worked well for them on 12900-13100 zone, wont be surprised if they try to repeat it.

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Whales plan to dump the market that I mentioned in last update worked well, always easy for them.
In my tg channel we traded this dump against marketmaker same as previous time.

So far bottom is found, double bottom if say exactly. Price is already above 11700 resistance, double bottom should lead price to test of 11900-12100 zone.

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Double bottom from last update did its work not good enough, push was smaller than usually happens with this pattern.
But anyway we have traded this move successfully in my tg channel.

Now price is moving in same channel like we had few days ago, on the left of screenshot. We can expect same moves. In case of successful break of orange line, a pink line is what price will try to do.

Trade closed: target reached

I think its time to say that this idea is done.

It worked perfectly, everything what was predicted a week ago in the beginning of this idea has happened. A break of big bull flag, a pump because of it, a dump later because it was too early for a break of 14000, as I said I expected a consolidation in 13000-11000 range. All those moves including pump to 13000 and drop back to 11000 were nothing else but a consolidation in that range, a preparation for a real big move.

Now looks like this consolidation is coming to its final phase and we need a new idea. I will post it soon.

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New idea:

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