Moon Launch Delayed, Part 2This is a follow up report to the one I did 3 days ago when BTC was still around 11,370. I said back then if we fall below the 21 day EMA, the moon launch is canceled. Well a couple of hours after that post we fell through the 21 EMA and the rocket blew up on the launch pad. But we recovered the next day and we felt hopeful. Then last night I reported heavy resistance at 11,100 and if we don't get through that, we are likely going to retest 10.5k today and perhaps 10k. Well, we did, and then some. We fell through the floor and as I write this we are still falling. There are a lot of buyers below 10k and are snapping up BTC at these "discount prices". But how long can they keep this up if BTC keeps crashing through 10k every 3 or 4 days? Will 10k be the new low, or will we crash through that too?
I wasn't sure you guys are notified by my last night's post which was an addendum to my original "Moon Launch Delayed" so I created a new post.
I wanted to point out that we are falling towards the 150 EMA which has been excellent support in the past. Maybe we will get there, maybe not. I marked out a rough approximation of where I think this landing zone will be. I hope the firemen have the airbag inflated because BTC (if it falls that far), will be travelling at quite a speed at impact.
Of course these markets are heavily manipulated. I was shaken out of my shorts (excuse the pun) last week, again and again. I went long, then I was stopped out a couple hours later. I went short and was stopped out again a couple of hours later. I noticed the buy/sell pattern they were using and I got rid of my stops and went back to shorting. It paid off. If you guys are not traders, then I recommend just hold on and buy more as it approaches the 150 EMA. BTC will be on sale and hopefully we can buy it again at 8k.
The whales are doing this to shake Bitcoin out of weak hands so Wall Street can own as much of it as they can. From what I've heard there is only 5-7 million BTC that are available for purchase and when that runs out, the price should shoot up dramatically. I still expect BTC to reach new all time highs this year, so keep the faith and keep buying a little more with each major drop.
As I mentioned in my prior post, I am concerned the NY Attorney General investigation may turn up a lot of dirt on Bitfinex and Tether. Many think the massive printing of Tether is what drove Bitcoin to such massive heights. If so, then if the Tether printing stops, either voluntarily or by criminal prosecution, then we may not stop at 8k. We could hit 6k. So have some extra cash on hand should it ever get that low. I only give it a 15% chance of it hitting 6k but be ready in case it does.
All the best.
