Bitcoin Decision Time at Triangle Break of $288 or $276Following up on my previous chart published a week ago, my second forecasted scenario happened - "the whale who triggered this ponzi pump was in fact selling his BTC stash at 31x, 30x and 29x accumulated at much lower levels (215-230) in the past few months". In the past chart that I published we broke the small handle (of the cup-and-handle and we went down to the said stated bottom of 275-279) from which we bounced and the whale maintained the market for the past 4-5 days at 283-286 where he can sell further the remaining Bitcoins. His goal is to rebuy lower at the 25x-260 area and REK the longs which are at all time high currently. This will happen once the triangle in RED lines breaks to the downside in my opinion heading to 250-257 area.
I now am convinced that a rally to 360-380 target which I estimated earlier to hit on August 25 2015 (which corresponds with the LTC Halving day (sell the news event!)) will not occur anymore solely based on my earlier explanation of the whale selling its coins at the current levels. Of course if I am wrong, the bullish scenario is still outlined on the chart (you can buy if the triangle breaks up or remain on my earlier trade buy recommendation from 276 area published on twitter). In my opinion this market maker will take the market down with him after trapping everyone at 285-31x (fake out) area to rebuy at much lower price around several key uptrend channel areas seen in my chart initially as the blue dotted lines:
279-275 -> this area has already been hit, I expect it to fail soon.
250-257 -> first area of high buy interest with a Fib of 0.618
238-243 -> second area of buying interest opportunity (chances of being hit is rather low for now)
Even if those levels are reached, the uptrend and bullish market still remains INTACT as long as we remain above the bottom blue dotted line (238-243) area.
I also see that we are potentially having a round bottom within ANOTHER bigger round bottom, that's right! It is like a Bitcoinception - refer to this chart of mine:
As always use caution when trading BTC and be smart about your entries.
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News Article Reference:
Was Litecoin Pumped by a Chinese Ponzi Scheme? July 11 2015
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