Bitcoin is doing an 'annoying arc'
Updated
every whale is a painter in heart. i'm just going to leave it here.
p.s. why is this arc annoying you may ask? well it still leaves possibility for a 7400. so we don't really know how far this manipulation can go. overall though this is a pretty bearish setup
p.s. why is this arc annoying you may ask? well it still leaves possibility for a 7400. so we don't really know how far this manipulation can go. overall though this is a pretty bearish setup
Note
some ask why exactly i think the price should behave like this. so let me explain1. all fin. instruments at this time behave the same almost candle-to-candle (gold, btc, spx, etc.). all of them is now shaping double leg pattern, 'dead cat bounce' as some here call it. so the expectation of a decline to 4600 is primarily caused by the assumption that the crash will continue after correction on all major markets, including bitcoin. uniqueness in bitcoin, however, is a greater mathematical rigor in it's patterns, making bitcoin graphics kind of 'cleaner' (and the reason for this, in my opinion, is the extremely high ratio of manipulation to natural market pricing on btc)
2. coronanews doesn't really matter, they're going to be interpreted in such a way as to rationalize market movements.
3. we haven't seen a real accumulation on btc yet. the accumulation that occured on march 15-18 would be enough for a small 1 month pump, but not for a 4-years run-up cycle. we're going to test the lows again
Note
that february resistance trendline now became a support. if we don't break below it in the next few days, the chart will be invalidated. doesn't mean we're not going for another bottom, but not at this exact timeframe
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