Bitcoin (BTC) Called last three moves perfectly. Next prediction
Updated
Bitcoin has now rallied above 6800 in one big move, which is as I predicted in my previous analysis. You may find my past calls in the related ideas section.
Looking at many popular tradingview authors, some are bears while most others are bulls, believing we will rally to 7400. That is a definite possibility, but there is a greater possibility we are approaching the top of the rally and will now begin a descent.
There is one reason Bitcoin is this high. The Bitfinex whales. We do not know who they are, but we do know last night a wall at 6700 absorbed over 1400 BTC being sold into it with no issues, and the current walls so far have proven to be real and not spoof. They are still at 6700 if you wish to view them yourself.
However, Bitcoin is approaching a strong resistance and it is very unlikely we go through. We are in a bearish rising wedge just before the expected ETF denial on the 30th, which will likely cause a large drop.
Therefore, you may short.
Short:
6880-7400. Manage your capital well so if we get a big pump you do not get liquidated. My first short position is from 6950 and I will add if we go higher. Liquidation price should be above 7800 if you have no stop loss.
Stop Loss:
Manual. Decide for yourself how much you want to risk and limit your losses if we get another move up.
Bitmex funding is positive again. When it was negative we went from 5900 to 6900.
Thanks for viewing! If you have any questions, message me or ask in the comments. I will respond.
Looking at many popular tradingview authors, some are bears while most others are bulls, believing we will rally to 7400. That is a definite possibility, but there is a greater possibility we are approaching the top of the rally and will now begin a descent.
There is one reason Bitcoin is this high. The Bitfinex whales. We do not know who they are, but we do know last night a wall at 6700 absorbed over 1400 BTC being sold into it with no issues, and the current walls so far have proven to be real and not spoof. They are still at 6700 if you wish to view them yourself.
However, Bitcoin is approaching a strong resistance and it is very unlikely we go through. We are in a bearish rising wedge just before the expected ETF denial on the 30th, which will likely cause a large drop.
Therefore, you may short.
Short:
6880-7400. Manage your capital well so if we get a big pump you do not get liquidated. My first short position is from 6950 and I will add if we go higher. Liquidation price should be above 7800 if you have no stop loss.
Stop Loss:
Manual. Decide for yourself how much you want to risk and limit your losses if we get another move up.
Bitmex funding is positive again. When it was negative we went from 5900 to 6900.
Thanks for viewing! If you have any questions, message me or ask in the comments. I will respond.
Note
Just noticed the chart image doesn't seem to be loading correctly. Chart is fine though.Note
ETF decision in 2 days. Denial will cause a drop.Note
Bear Div
Note
Buy wall moved near 6800 on Bitfinex. This one could be legit. If this drops take some profit there.Note
Break of 7200 would not be a good sign. 400 million dollars worth of Bitcoin being bought over last two weeks, possibly by Bakkt.
Note
If we get another wave down and reach 6830, take profits there.If you are on Bitmex you can probably reach 6800.
It is because the buy wall is placed there on Finex, and so far all of them have been real, not spoof.
Note
tradingview.com/chart/p2SwwtU8/This could be a possibility.
Note
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