Bitcoin dropping to 6833 and 5400 after failing to breach 8400$
Updated
After those "spoofing buy and sell walls by end of major holders in front of us is Bitcoin main resistance level (8000$), which is crucial and that will most likely be trend reversal point.
All the levels were eaten so to speak so far (despite we uptrend from 3156 to 8300 at peak on Binance) which is actually 263% without single " serious correction" now its the right time for one.
On the first place we should experience correction up to 20% (dropping from current 8148$ level towards 7300$ and 6800$ worth Bitcoin , then trying to make previous high and as failing to do so it should collide further (to 5200-5400 level range).
Despite massive bullishness shown and eating all those resistance levels in no time, my view on it that 8000$ is a point that wont be crossed without previous " serious correction" (40% dump).
Now, we could expect BTC drop to 6833$, some sidewalk and attempt to regain previous high (and as failing to do so) colliding all the way to 5200/5400 range.
Despite technicals implying on further B uptrend and everything what follows upper described scenario, 8000 zone is a point for " NO GO" for BTC and a point of certain declination in order to form healthy and sustainable price.
Therefore, correction from 8000-8200 level its a must.
As per values of closing H4 candles on closure, rarely some actually closed full candle near 8200 level and previous higher high in 8366$ value on Binance, this price range is certainly unsustainable and as that one destines to collide, first by making LH, sidewalking, making previous high and dropping 40%.
That is simply scenario for healthy price building and i would not advise anyone to follow the hype made on BTC , since that person could end up on 5700 or lower as posted.
Good luck and happy trading.
This is financial advice.
I dont provide disclaimers because i'm not fake.
(As per my view on BTC , correction is a MUST) and 8000 level is actually very very tough zone for btc , so i do really doubt it could do so before dropping 40% and then as having a rebound going through it.
A the moment of writing this TA ratio between longs and shorts was TOTAL:
LONGS: $533,948,470 57.74%
SHORTS: $390,828,523 42.26%
That's roughly 37% in favor of LONGS.
Those longs will be liquidated first, then limbs will be ripped of from the bottom shorters :))))).
Thread very carefully with BTC, since even each and every candle on 8200 level went wick behind.
Good luck and happy trading !!!
All the levels were eaten so to speak so far (despite we uptrend from 3156 to 8300 at peak on Binance) which is actually 263% without single " serious correction" now its the right time for one.
On the first place we should experience correction up to 20% (dropping from current 8148$ level towards 7300$ and 6800$ worth Bitcoin , then trying to make previous high and as failing to do so it should collide further (to 5200-5400 level range).
Despite massive bullishness shown and eating all those resistance levels in no time, my view on it that 8000$ is a point that wont be crossed without previous " serious correction" (40% dump).
Now, we could expect BTC drop to 6833$, some sidewalk and attempt to regain previous high (and as failing to do so) colliding all the way to 5200/5400 range.
Despite technicals implying on further B uptrend and everything what follows upper described scenario, 8000 zone is a point for " NO GO" for BTC and a point of certain declination in order to form healthy and sustainable price.
Therefore, correction from 8000-8200 level its a must.
As per values of closing H4 candles on closure, rarely some actually closed full candle near 8200 level and previous higher high in 8366$ value on Binance, this price range is certainly unsustainable and as that one destines to collide, first by making LH, sidewalking, making previous high and dropping 40%.
That is simply scenario for healthy price building and i would not advise anyone to follow the hype made on BTC , since that person could end up on 5700 or lower as posted.
Good luck and happy trading.
This is financial advice.
I dont provide disclaimers because i'm not fake.
(As per my view on BTC , correction is a MUST) and 8000 level is actually very very tough zone for btc , so i do really doubt it could do so before dropping 40% and then as having a rebound going through it.
A the moment of writing this TA ratio between longs and shorts was TOTAL:
LONGS: $533,948,470 57.74%
SHORTS: $390,828,523 42.26%
That's roughly 37% in favor of LONGS.
Those longs will be liquidated first, then limbs will be ripped of from the bottom shorters :))))).
Thread very carefully with BTC, since even each and every candle on 8200 level went wick behind.
Good luck and happy trading !!!
Trade closed: target reached
Note
Despite this trade is closed, you could consider it valid again and apply it on current market movement. Curent LONG/SHORT RATIO IS :
TOTAL
LONGS: $528,279,460 65.45%
SHORTS: $278,814,533 34.55%
We all do know who will be the first one liquidated.
Further fall at time of writting May 19.th 1PM UTC.
Once again, 8000-8400 level is " uncrossable from this instance"
Bitcoin needs correction after retesting potentially HH, so everyone would remain trapped on false pierce over/near 8000.
Therefore, i would advise everyone to rebuy on major correction -1500$+ this price so you won't let yourself sink with the BTC.
After correction, we could talk about technical side of potential rebound, but, till correction occurs, i would advise people to stay out of trade in order not to be cutten off for 30% (as btc falls towards 5500/6000 level).
Good luck and stay smart.
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