Bitcoin looking for liquidity before a new and bigger dump
Updated
Bitfinex has denied all the accusations and just for now the Tether mess could be away, that´s doesn´t mean things could get real ugly in the medium term, and is not the first time that Bitfinex is being sued. Certainly the 20k hit was due to a extreme manipulation by Tether and that´s what it caused together with another factors this nuclear winter. Perhaps if USDT get out of the crypto economy, things could change and for better. For now the panic has been controlled and the price is back to where it should be, so let´s focus on what matters now, the charts.
Alts market is moving definitely weaker in a low formation, defining what it could be the end of this bullish mini-season and the beginning of another impulsive wave that could drive the market to the support line created in the June 2016. So far alts held nicely the last dump, but a further dump in Bitcoin could turn things badly big time.
The last dump in Bitcoin seems controlled for now, and I expect a short squeeze soon. Again those 25x+ positions at BItmex will get rekt as always, nothing new. What the market is doing now is more like a short term accumulation to start distributing in aggressive mode at around 5500/5800. 6k is also possible due to shorts increasing the price when they get liquidated so I won’t be amazed if that happens.
Now is time to build an strategy in order to be ready for the next big move. What do you guys think that it have all the chances? Breakout 6k and be there for a while on the way to 10k or get a heavy rejection between 5500 and 6000 to make a new correction and see how the 3-4 support works? The answer is obvious and that´s what I´m going to plan and execute.
In our Telegram channel we are profiting not just from Bitcoin but also from alts, we closed a recent trade in BCH with a safe set up and a high return, above 16%, and just now we are inside of a trade in ADA in green and with SL placed at entry, so we will never lose any money if the price suddenly gets reversed What makes the difference between our signals and many others out there is the fact that we handle risk under a money management strategy that protect us. That together with experience, dedication and skills is the only way to be success in this crazy market.
By the way, hope you like our new brand Coinamic, let me know what you guys think down below :)
As always many thanks for watching and don´t forget to like and follow if this analysis has been useful!
Alts market is moving definitely weaker in a low formation, defining what it could be the end of this bullish mini-season and the beginning of another impulsive wave that could drive the market to the support line created in the June 2016. So far alts held nicely the last dump, but a further dump in Bitcoin could turn things badly big time.
The last dump in Bitcoin seems controlled for now, and I expect a short squeeze soon. Again those 25x+ positions at BItmex will get rekt as always, nothing new. What the market is doing now is more like a short term accumulation to start distributing in aggressive mode at around 5500/5800. 6k is also possible due to shorts increasing the price when they get liquidated so I won’t be amazed if that happens.
Now is time to build an strategy in order to be ready for the next big move. What do you guys think that it have all the chances? Breakout 6k and be there for a while on the way to 10k or get a heavy rejection between 5500 and 6000 to make a new correction and see how the 3-4 support works? The answer is obvious and that´s what I´m going to plan and execute.
In our Telegram channel we are profiting not just from Bitcoin but also from alts, we closed a recent trade in BCH with a safe set up and a high return, above 16%, and just now we are inside of a trade in ADA in green and with SL placed at entry, so we will never lose any money if the price suddenly gets reversed What makes the difference between our signals and many others out there is the fact that we handle risk under a money management strategy that protect us. That together with experience, dedication and skills is the only way to be success in this crazy market.
By the way, hope you like our new brand Coinamic, let me know what you guys think down below :)
As always many thanks for watching and don´t forget to like and follow if this analysis has been useful!
Note
Compare how the support line is in the TOTAL MARKET CAP with and without Bitcoin. This is the TOTAL with Bitcoin included. You can see how clearly we are going again to test the support trend line.Note
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