BTC - When will the manipulation/Correction end???
Updated
Santiment shared a chart that shows that systematic purchases of the flagship cryptocurrency over the past two months took place right before the BTC price advanced from under the $17,000 level, assuming that these purchases made a great contribution to these price surges.
Sharks buying Bitcoin (wallets holding from 10 to 100 BTC) prevented its fall below the $16,700 level. In the past 10 weeks, per Santiment, owners of these wallets grabbed a whopping 105,600 Bitcoin.
Then small whales (wallets holding from 100 to 1,000 BTC) made their purchases, adding 67,000 Bitcoin over the past eight weeks. This fueled Bitcoin's rebound to the $18,000 level, Santiment believes.
Finally, large whales stepped in (they own between 1,000 and 10,000 BTC) as they acquired 37,100 BTC over the last 10 days. The chart shows that this purchase pushed Bitcoin over the $21,000 level briefly.
So this tells me one thing, this is definitely a correction regardless if its manipulation, the only question is, will this correction adhere to fibonacci's laws?
There is no way that we could have reached these levels with retail and the fear that surrounds Crypto with the LUNA and FTX debacle, most people were moving all their coins to cold wallets and the same people are now thinking we have found our bottom and moving up? A lot of trust needs to be gained and this takes time approx 6 months, the last move down on btc saw massive volume push that down and that normally indicates a third wave. This wave up saw the same volume that we saw in 2021 bull run with 3 tril in crypto, we currently have less that 1 bil, that should make you ask questions and logic needs to prevail at this point. Can the whales push this up further......of course and thats why i initially posed the question whether or not this move will adhere to market phycology and fibonacci laws.
I have used the point of control in order to asses the resistance and support in both my scenarios, in the short term, in the next few hours i see another push up due to volume, 23218 zone as volume and rsi has lost steam, then a correction down to either 19258 point of control or it will break down further to 14580 forming D in the falling channel. If it bounces off the point of control then it will move up and form what i believe will be 4th 29769 point of control and final correction meaning it will then move down to 11k mark creating the bottom and finally move into our much anticipated bull run of 3 years and enter the third wave of bitcoins life hitting between 100k-120k before our next correction.
Hope you enjoyed the read. One thing that i have learned more in trading than anything else is use stop losses when trading.
Till the next one
Sharks buying Bitcoin (wallets holding from 10 to 100 BTC) prevented its fall below the $16,700 level. In the past 10 weeks, per Santiment, owners of these wallets grabbed a whopping 105,600 Bitcoin.
Then small whales (wallets holding from 100 to 1,000 BTC) made their purchases, adding 67,000 Bitcoin over the past eight weeks. This fueled Bitcoin's rebound to the $18,000 level, Santiment believes.
Finally, large whales stepped in (they own between 1,000 and 10,000 BTC) as they acquired 37,100 BTC over the last 10 days. The chart shows that this purchase pushed Bitcoin over the $21,000 level briefly.
So this tells me one thing, this is definitely a correction regardless if its manipulation, the only question is, will this correction adhere to fibonacci's laws?
There is no way that we could have reached these levels with retail and the fear that surrounds Crypto with the LUNA and FTX debacle, most people were moving all their coins to cold wallets and the same people are now thinking we have found our bottom and moving up? A lot of trust needs to be gained and this takes time approx 6 months, the last move down on btc saw massive volume push that down and that normally indicates a third wave. This wave up saw the same volume that we saw in 2021 bull run with 3 tril in crypto, we currently have less that 1 bil, that should make you ask questions and logic needs to prevail at this point. Can the whales push this up further......of course and thats why i initially posed the question whether or not this move will adhere to market phycology and fibonacci laws.
I have used the point of control in order to asses the resistance and support in both my scenarios, in the short term, in the next few hours i see another push up due to volume, 23218 zone as volume and rsi has lost steam, then a correction down to either 19258 point of control or it will break down further to 14580 forming D in the falling channel. If it bounces off the point of control then it will move up and form what i believe will be 4th 29769 point of control and final correction meaning it will then move down to 11k mark creating the bottom and finally move into our much anticipated bull run of 3 years and enter the third wave of bitcoins life hitting between 100k-120k before our next correction.
Hope you enjoyed the read. One thing that i have learned more in trading than anything else is use stop losses when trading.
Till the next one
Note
So i believe that we are in the 4th sub wave of the 3rd wave and should have a small push up to the 5th of the 3rd wave. Once this has completed we should see a shallow retracement due to the law of retracement of wave 2, meaning that if wave 2 retracement is deep and long the wave 4 should be shallow and short. Our primary wave should not be much higher as primary wave 3 is extended thus i believe once this has completed price will test the lows again and should form a new low.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.