BITCOIN (#BTC): ONE OF THE BIGGEST PUMPS IN BTC HISTORY...WHY?
Updated
Hi Crypto Traders,
Yes, It was a great day for BTC, gain $1000 in 30 minutes. This is the main news of the day in all media interested in crypto. But what was happened?
Firstly, let me summary todays BTC flight.
You can see a huge breakout occured from the Falling Wedge pattern. Price increased from $6735 to $7988 at Bittrex Exchange. Everything happened within 30 minutes. During this crazy ride, BTC broke all the obstacles he had above him. Whether Ichi indicators or all of important EMA trend lines. Compared to the average, the volume increased 100x during this 30 minutes.
But, long term downward trend resistance (red line) reflected BTC back below this level. Also 78,6% Fib was reached.
Now, BTC is slowly approaching Long Term Downward Trend line again. EMA200 is back above us at price $7750 and at a slight angle it goes downwards. BTC is also back Ichi cloud and is heading upper line of cloud. Ichi TK-cross was formed below Ichi cloud. So, Ichi indicates weak buying signal. BUT remember - EMA200 is above us.
I konw, everybody is happy and upward trend continuation is expected. However it is not my opinion. Why? Because of …
There is more and more exhanges that are offering margin trading! A lot of members expected BTC to break down and continue its way to 3k and that's why we had a lot of short orders! Also this kind of trading bring your more profits. You speculate on the price movement, that means you can trade both the price increase and its decrease.
Whales pushed price to resistance and then their stoploss orders get filled and price spiked up, then whales pushed a little bit more to next resistance level and price spiked up again! There is not big buyer or bug seller, everything is done automatically with walls that are made by whales! Whales are not buying, they are just holding walls to prevent sudden drop! So, yeah this was manipulated by whales, they pushed to 7000k and then we saw one of the biggest pumps in BTC history. In less than 30 minutes it went from 7000k to near 8.2k.
What to do now?
I told you few days ago that I am still thinking price below 5k is going to be reached but it doesnt mean that price will move straight down from that moment but it can spike to 7k, 8k, 9k, and so on! If it closes above 7.7k we can expect further uptrend to 8.0-8.2k!
On the otherside, if ti closes below resistance we can expect downtrend again!
I hope you enjoy my charts, please writte your comments, hit that like button or follow me.
Thank you!
Yes, It was a great day for BTC, gain $1000 in 30 minutes. This is the main news of the day in all media interested in crypto. But what was happened?
Firstly, let me summary todays BTC flight.
You can see a huge breakout occured from the Falling Wedge pattern. Price increased from $6735 to $7988 at Bittrex Exchange. Everything happened within 30 minutes. During this crazy ride, BTC broke all the obstacles he had above him. Whether Ichi indicators or all of important EMA trend lines. Compared to the average, the volume increased 100x during this 30 minutes.
But, long term downward trend resistance (red line) reflected BTC back below this level. Also 78,6% Fib was reached.
Now, BTC is slowly approaching Long Term Downward Trend line again. EMA200 is back above us at price $7750 and at a slight angle it goes downwards. BTC is also back Ichi cloud and is heading upper line of cloud. Ichi TK-cross was formed below Ichi cloud. So, Ichi indicates weak buying signal. BUT remember - EMA200 is above us.
I konw, everybody is happy and upward trend continuation is expected. However it is not my opinion. Why? Because of …
There is more and more exhanges that are offering margin trading! A lot of members expected BTC to break down and continue its way to 3k and that's why we had a lot of short orders! Also this kind of trading bring your more profits. You speculate on the price movement, that means you can trade both the price increase and its decrease.
Whales pushed price to resistance and then their stoploss orders get filled and price spiked up, then whales pushed a little bit more to next resistance level and price spiked up again! There is not big buyer or bug seller, everything is done automatically with walls that are made by whales! Whales are not buying, they are just holding walls to prevent sudden drop! So, yeah this was manipulated by whales, they pushed to 7000k and then we saw one of the biggest pumps in BTC history. In less than 30 minutes it went from 7000k to near 8.2k.
What to do now?
I told you few days ago that I am still thinking price below 5k is going to be reached but it doesnt mean that price will move straight down from that moment but it can spike to 7k, 8k, 9k, and so on! If it closes above 7.7k we can expect further uptrend to 8.0-8.2k!
On the otherside, if ti closes below resistance we can expect downtrend again!
I hope you enjoy my charts, please writte your comments, hit that like button or follow me.
Thank you!
Trade closed: target reached
1st target reachedNote
Today, BTC stuck on market flat between these two S/RL. BTC continued today in moderate growth and the 1st target reached. Now BTC moves between two narrow levels of $ 8050- $ 8200. We call it consolidation and it predicts, that something gonna happened. It is difficult to determine where the price will be moving. We can expect further growth, then the rest of Targets will be active. On the other hand, price will drop to price level between $7900 - $7500. Where new buyers may come and price should rebound at this level. Then 2nd / 3rd targets are highly probable.
Ichi TK has a flat - neutral indicator. RSI has a downward shape and is approaching a 70% level. Volume is well below average. Looking at the 3H TF, we see that BTC forms the Flag pattern, which usually means the continuation of the trend. But I expect above mentioned price drop.
Oh, before I could finish this TA, the BTC is back below 8K level. Even though TA is being published, I consider it to be still valid.
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