BTCUSD - Greedy Bulls about to meet The Matador (Bull-Fighter)
Updated
Technical: I'm confident that Wave iii has just ended. Because the last wave up was an Ending Fifth Wave Diagonal which led me to believe that the wave has to be a 5th Wave. I see bearish divergence on higher timeframes. Not to mention the overhead heavy resistance leads me to believe that upside potential before a correction is very low. Whereas towards the downside we have a clear path to 7150 (if not more). Heavy support is at 6900.
The ratio of Longs vs Shorts is way too high. Too many long positions were opened at the last minute. Were there no long opportunities in the last two weeks? Of course there were!
Now if I were a whale would I cause a short squeeze up to kill bears? Hell No!
Would I push the market down to kill those greedy bulls? Hell Yeah!
"A fool and his money are quickly parted."
Fundamental: From fundamental standpoint we have reason to go further up in the coming week since there's talk of Bitcoin ETF. As a lawyer, I can say with conviction that SEC will not pass Bitcoin ETFs. But nevertheless it gives rise to a long opportunity till 10th of August. If it gets approved good, we keep the long open. If it gets rejected, we find ourselves a resumption of the downtrend and new short positions.
Either way as traders, we shall overcome!
Godspeed
_________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
The ratio of Longs vs Shorts is way too high. Too many long positions were opened at the last minute. Were there no long opportunities in the last two weeks? Of course there were!
Now if I were a whale would I cause a short squeeze up to kill bears? Hell No!
Would I push the market down to kill those greedy bulls? Hell Yeah!
"A fool and his money are quickly parted."
Fundamental: From fundamental standpoint we have reason to go further up in the coming week since there's talk of Bitcoin ETF. As a lawyer, I can say with conviction that SEC will not pass Bitcoin ETFs. But nevertheless it gives rise to a long opportunity till 10th of August. If it gets approved good, we keep the long open. If it gets rejected, we find ourselves a resumption of the downtrend and new short positions.
Either way as traders, we shall overcome!
Godspeed
_________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
Note
Lets wait and watch whether the daily candle can close over 200 EMAIf it does then the retracement is probably gonna take another week or so
Apparently 15% of longs closed at the 8k point. Shorts are stacking up.
Either way we get a period of consolidation (indecision) here
Note
Market is way too bullish than I imagined. We even got an extended Wave 3 and a very unhealthy Wave iv. I imagine it is due to the anticipation for Bitcoin ETF's.I have changed my EW count. We should get a small retrace here (some profit taking) and then a final wave up. Now due to the mixed consensus of the market it is difficult to estimate the top of Wave 5.
As you can see the Potential minute wave 5 can go anywhere in that green box.
How will we know that it has reached its top?
We should see a strong rejection and a reversal candle on 4h and 1D.
Since SEC has delayed the hearings for Bitcoin ETF's till September. I expect the rejection to come forth as the masses read up on this recent happening.
gpo.gov/fdsys/pkg/FR-2018-07-24/html/2018-15768.htm
Related publications
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.