BTC : Bull Run or Show Off
Updated
Hi All,
We think recent bull run during BitMex offtime was to cover the short positions which was second highest of all time.
Many positions would have been liquidated or would have been closed at loss.
We think Bull Run wont last long, it was just a flashy show to close short positions.
Does this mean BTC wont reach 7k or cross it ?
We still agree on the part that BTC would reach 7k but before that, it needs to break 6k barrier and go down further.
TA: Volume which came in recently was to break the short positions and hence wont last long, they should take their profit and leave, so we can see small dip immediately, and a further rise a bit because closing of long positions to take profit.
Once these events come to closure, we don't expect any more volume as currently BTC is in consolidation phase.
Once Short Positions get closed sufficiently, we will still see a downtrend testing 6k support and breaking it further down to 5500 USD.
PS: Above all are my own personal view, decide based on your own research.
If you agree hit like and follow , have doubt or wanna speak up , comment.
TC
We think recent bull run during BitMex offtime was to cover the short positions which was second highest of all time.
Many positions would have been liquidated or would have been closed at loss.
We think Bull Run wont last long, it was just a flashy show to close short positions.
Does this mean BTC wont reach 7k or cross it ?
We still agree on the part that BTC would reach 7k but before that, it needs to break 6k barrier and go down further.
TA: Volume which came in recently was to break the short positions and hence wont last long, they should take their profit and leave, so we can see small dip immediately, and a further rise a bit because closing of long positions to take profit.
Once these events come to closure, we don't expect any more volume as currently BTC is in consolidation phase.
Once Short Positions get closed sufficiently, we will still see a downtrend testing 6k support and breaking it further down to 5500 USD.
PS: Above all are my own personal view, decide based on your own research.
If you agree hit like and follow , have doubt or wanna speak up , comment.
TC
Trade closed manually
it has over corrected itself to previous path (market manipulation).. hence this TA doesnt holds good anymore ... i was expecting a drop .. but not a death dropNote
My opinion is to go long now....
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