Bitcoin - Get ready for the bloodbath
Updated
Bitcoin reached 5640 and seems that higher highs are coming. Shorts increased during the last days while longs decreased, not extremely relevant but something to look at. While shorts are increasing the price is increasing as well, shorts with more than 25x are getting rekt, while orders with lowers leverage will hold the increase in price.
So larger operators are already setting the next drop, red flags are popping everywhere. Have a look at this criteria and see if it suit your analysis as well:
1. From 5700 to 6000 is when Bitcoin will enter real resistance area, remember that we were months at 6k in 2018.
2. The price will be slightly above 61.8 fibonacci retracement.
3. Network transactions value calling a correction since April 1st (price overvalued).
4. After a Golden Cross/Death Cross the price uses to get reversed.
5. Elliot wave count is almost done.
Litecoin and Ether are not following Bitcoin in this last uptrend and the rest of alts are already falling or sideways. The bloodbath is coming and as always, the big losers will be alts, as smaller the market cap, the bigger the drop, however I believe that BCH with more than 5 billions market cap will suffer quite a lot.
I´m sending signals and updates on a daily basis to my Telegram channel. Feel free to join us and don´t forget to like and follow if this analysis has been useful.
So larger operators are already setting the next drop, red flags are popping everywhere. Have a look at this criteria and see if it suit your analysis as well:
1. From 5700 to 6000 is when Bitcoin will enter real resistance area, remember that we were months at 6k in 2018.
2. The price will be slightly above 61.8 fibonacci retracement.
3. Network transactions value calling a correction since April 1st (price overvalued).
4. After a Golden Cross/Death Cross the price uses to get reversed.
5. Elliot wave count is almost done.
Litecoin and Ether are not following Bitcoin in this last uptrend and the rest of alts are already falling or sideways. The bloodbath is coming and as always, the big losers will be alts, as smaller the market cap, the bigger the drop, however I believe that BCH with more than 5 billions market cap will suffer quite a lot.
I´m sending signals and updates on a daily basis to my Telegram channel. Feel free to join us and don´t forget to like and follow if this analysis has been useful.
Note
That was a good retrace. Seems that the market could be ready to continue its way up. The price bounced good at 5370 which is support. Let´s see how the price behave at 5500 that is now the new resistance.Note
What happened today in Kraken and now in the whole market together with the bad news for Bitfinex and Tether is not a joke. Let´s see how the market reacts tomorrow, but it could something big. For now if we break 3900 the panic could be easily high.Note
New Bitcoin analysis.
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