Will the $520 Million Short Position of the Whale Be Profitable Tomorrow?
Given the current developments in Bitcoin (BTC), it appears that the market is in a corrective phase, with BTC showing signs of a potential rally. However, as of yesterday, BTC displayed a weak signal to return to the $87,000 level, making this scenario less likely.
Based on the analysis of the 4-hour chart (H4), BTC is expected to retrace towards the $75,000 region before possibly considering a move upwards towards higher levels.
The H4 plan is mapped out as shown below. If this plan unfolds as expected, the whale's short position, amounting to $520 million in volume, will likely be in profit from tomorrow onward.
The entry point for this short position was at $83,500, with the liquidation level set at $85,565. If the price doesn’t reach the liquidation point before declining, this whale is poised to make a substantial profit.
Given the current developments in Bitcoin (BTC), it appears that the market is in a corrective phase, with BTC showing signs of a potential rally. However, as of yesterday, BTC displayed a weak signal to return to the $87,000 level, making this scenario less likely.
Based on the analysis of the 4-hour chart (H4), BTC is expected to retrace towards the $75,000 region before possibly considering a move upwards towards higher levels.
The H4 plan is mapped out as shown below. If this plan unfolds as expected, the whale's short position, amounting to $520 million in volume, will likely be in profit from tomorrow onward.
The entry point for this short position was at $83,500, with the liquidation level set at $85,565. If the price doesn’t reach the liquidation point before declining, this whale is poised to make a substantial profit.
The RainBow MG3 Indicator identifies trends, reference prices, wave start times, and trend endpoints while sending alerts to your personal Telegram. Join the RainBow MG3 community on Telegram: t.me/rainbowmg3
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.
The RainBow MG3 Indicator identifies trends, reference prices, wave start times, and trend endpoints while sending alerts to your personal Telegram. Join the RainBow MG3 community on Telegram: t.me/rainbowmg3
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.