🔥 Bitcoin's Fabricated Dump: Strong Reversal Incoming
Today we've all seen a black swan event unfolding in crypto, a crash which was as bad as the 2018 crash, only to be bought up swiftly and making a 180. In the course of a few hours we've seen BTC drop from 40k > 30k and reverse strongly from 30k > 40k. During 2018 we've seen some strong reversals, but nothing within the same day.
In my opinion, this crash was fabricated and initiated by whales. Reason for this is to stop-hunt smaller investors to trigger a massive sell-off, only to buy back in at a 50% discount.
The ridiculous reversal we've seen today indicates that there's still ample bullish sentiment in the market. The whales are waiting to push BTC and alts further. I'm expecting that BTC will rise towards 50K within the next two weeks. After this it will most likely reverse slightly, only to continue rising to the ATH soon after. Be aware that during BTC's lifetime we've seen many 40-50 percent corrections during bull-runs. This one is the first of the current bull-run, so I'm expecting that we will see strong bullish pressure soon again.
Also, be aware that this is the first bull run fueled by the huge quantitative easing of the central banks - we have much more room to grow.
Furthermore, we're seeing a daily bar with a huge wick, relative to the body. This is generally interpreted as a reversal candle pattern. Although the price might fall slightly tomorrow, I'm expecting strong bullish action at the end of the week.
Currently, all eyes are fixed on BTC dominance. If dominance will continue falling whilst BTC will rise, we will see an alt-season like never before. We might even see ETH flipping BTC in time, but I will leave that for another analysis.
Looking at the dominance chart, it's also possible that the daily outside bar (screenshot is on weekly for visibility) will signal a reversal of the trend and that BTC will become "hot" again, like we saw during Q4 2020. In this case alts will either crab or fall slightly whilst BTC moons.
Coming weeks are surely going to be interesting!
Happy trading!
In my opinion, this crash was fabricated and initiated by whales. Reason for this is to stop-hunt smaller investors to trigger a massive sell-off, only to buy back in at a 50% discount.
The ridiculous reversal we've seen today indicates that there's still ample bullish sentiment in the market. The whales are waiting to push BTC and alts further. I'm expecting that BTC will rise towards 50K within the next two weeks. After this it will most likely reverse slightly, only to continue rising to the ATH soon after. Be aware that during BTC's lifetime we've seen many 40-50 percent corrections during bull-runs. This one is the first of the current bull-run, so I'm expecting that we will see strong bullish pressure soon again.
Also, be aware that this is the first bull run fueled by the huge quantitative easing of the central banks - we have much more room to grow.
Furthermore, we're seeing a daily bar with a huge wick, relative to the body. This is generally interpreted as a reversal candle pattern. Although the price might fall slightly tomorrow, I'm expecting strong bullish action at the end of the week.
Currently, all eyes are fixed on BTC dominance. If dominance will continue falling whilst BTC will rise, we will see an alt-season like never before. We might even see ETH flipping BTC in time, but I will leave that for another analysis.
Looking at the dominance chart, it's also possible that the daily outside bar (screenshot is on weekly for visibility) will signal a reversal of the trend and that BTC will become "hot" again, like we saw during Q4 2020. In this case alts will either crab or fall slightly whilst BTC moons.
Coming weeks are surely going to be interesting!
Happy trading!
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