The Perfect Bitcoin Swing XBT/USD Setup
Updated
Like always guys.Lets get straight to it.Today we see a possible high probability intraday trade setup for KRAKEN:XBTUSD 4.29% . Earlier today there was a corrective spike on the lower 5m time frame at 13:15 clearly caused by either a financial institution or a much larger upscale bitcoin 4.02% holder pumping up the price rapidly. Either way the main key here is to watch the quickness of this manipulative move which caused a spike that lead to a 20% rise in a span of 5 mins.If we go back to our basic technical analysis knowledge we should all remember that a correction in a trend tends to be sharp and quick moves like the one that we have seen today.Perfectly reaching the 61.8% Fibonacci retracement level on the 4H chart before losing momentum & slowing down . Two possible outcomes would be that price is pushed upwards to wipe out some potential sell stop losses before continuing down to create its new low or a continuation upwards stopping out this potential short and leading to a massive rally back to the $7000 region.Of course all this short selling is leading to this massive rally that I speak of in the upcoming weeks . Remember guys corrections are quick and sharp like the one seen at 13:15. This presents us with a high probability short setup if a continuation with enough momentum kicks in to the downside. Then we can possibly see levels like $5000 achieved. Keep an eye out these will be crucial moments that will determine what the rest of the crypto market will do from here possibly for the rest of the year. Banks are just obtaining as much of the supply as possible at these lower levels so when the demand rally from global adoption begins to kick in they will be the market makers who own majority of the supply. Basic supply and demand strategies being ran by financial institutions. Nothing will just be given when more market makers take control. This sure will be a fun choppy rollercoaster to the moon but it will sure be well worth the wait and time. An for my All time high holders don't worry price will be back up there in no time!!!! HODL!!! Happy trading guys!! Stay patient my friends.
Note
Hope everyone is in profit. The target is halfway achieved at the moment.Short was called at 6394.0 with a take profit of 6014.2 as well as a stop loss of 6537.2.
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