1W BTC Candlestick and Wave Analysis
I continue to be bearish and, by all my logic and knowledge, think that this market has been heavily manipulated since the Genesis bankruptcy.
Just think about it. The moment when the biggest crypto lender needs to liquidate their assets, the price goes up.
Also, if you follow the social metric, you know that creators of the crypto content are struggling to get new views.
And then, we have Elon changing the Twitter logo and pumping the DOGE, and the last time he did it, he pumped and dumped it for a BTC, which no one seems to remember or even realize.
But let's bring some chart analysis into it.
We first need to consider a gap in the VPVR on the right.
This is the chart of almost a year's worth of weekly candles, and that gap means that the price shot up without significant volume to create support anywhere above 25k.
Next, we have three weeks of consolidation, shown by long-legged Doji and two spinning top candle patterns.
The last week was bullish. It retested the upper Bollinger band, and as we can see, this one is bearish, which means it got rejected, but keep in mind this one has yet to close.
Last but not least, we can see a ribbon closing to a reversal on the ribbon in the waves indicator.
If you reduce the timeframe to 5D, it has already painted the local top.
Supported by the fact that the grey wave, which indicates the aggression or the speed of trading if you like, is approaching the zero line, which means the trend is reversed from bullish to bearish, excluding the fact that everything in me screams: "BUY," I will not do it.
I cannot predict the manipulation though I can see it and react to it thanks to my indicator, so my conclusion is: "Do your homework. This one is mine."
Just think about it. The moment when the biggest crypto lender needs to liquidate their assets, the price goes up.
Also, if you follow the social metric, you know that creators of the crypto content are struggling to get new views.
And then, we have Elon changing the Twitter logo and pumping the DOGE, and the last time he did it, he pumped and dumped it for a BTC, which no one seems to remember or even realize.
But let's bring some chart analysis into it.
We first need to consider a gap in the VPVR on the right.
This is the chart of almost a year's worth of weekly candles, and that gap means that the price shot up without significant volume to create support anywhere above 25k.
Next, we have three weeks of consolidation, shown by long-legged Doji and two spinning top candle patterns.
The last week was bullish. It retested the upper Bollinger band, and as we can see, this one is bearish, which means it got rejected, but keep in mind this one has yet to close.
Last but not least, we can see a ribbon closing to a reversal on the ribbon in the waves indicator.
If you reduce the timeframe to 5D, it has already painted the local top.
Supported by the fact that the grey wave, which indicates the aggression or the speed of trading if you like, is approaching the zero line, which means the trend is reversed from bullish to bearish, excluding the fact that everything in me screams: "BUY," I will not do it.
I cannot predict the manipulation though I can see it and react to it thanks to my indicator, so my conclusion is: "Do your homework. This one is mine."
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