Difficult to be bearish on BTC right now..Large sell off we saw yesterday was very quickly bought right back up.
Fundamentals for bitcoin are just WAY TOO STRONG.
Previously posted BEARISH CRAB idea -was/is indeed, a valid chart pattern. However, every time it appears that bitcoin is losing steam -sell offs are quickly bought right back up by institutional investors.
A hypothesis that I am investigating:
The BTC/USD spot price is increasing regardless of selling pressure due to institutional investors removing liquidity from exchanges, effectively reducing supply in a market with exponentially increasing demand. A potential explanation for the lack of corrective PA typically seen in strongly trending markets.
Breaking BEARISH patterns BULLISH is a very BULLISH confirmation.
This still may break to the downside, but it will likely do so in this very annoying meander'ing manner.
eLONG Musk accumulated the majority of his latest BTC purchase near the $34K level, providing a VERY strong argument that -if we are about to experience a correction, a drop below this level is HIGHLY UNLIKELY.
I'm indifferent on price action at the moment, but at some point -bitcoin will have to show its cards and we will be able to identify some indicative structure.
NOTE* Any BEARISH ideas that I share are meant as RE ENTRY ideas -if you're SHORT bitcoin at any point in this 2021 BULL MARKET -you are simply gambling.
This 30min price action appears to be a BUMP and RUN -a pattern that develops in a strongly UP trending market following a capitulation by a whale, or whales.
We saw a PERFECT text -book example of a BUMP and RUN bullish reversal/continuation pattern following the 2020 March crash -and in retrospect, an entry on the BULLISH CONFIRMATION, or re test -would have been an INCREDIBLE LONG trade entry, as BTC/USD is up 11792.92% since it's low of $3.73K.
We are witnessing a technology adoption curve and likely, the first non -bubble speculative MOON MISSION in history.
If a large DIP below $40K does indeed take place, I fully expect it to be bought up extremely quickly -and for the price of BTC/USD to quickly approach $100K.
The fuel for a large correction, market manipulation tactics used by institutional investors to bring the boat (they missed) back to shore, will be some strong FUD -FUD that will lead towards "professional" traders taking irresponsible short positions and retail investors selling in fear of losing money.
Correction may come, it may not.
Witnessing the Elon Musk effect is pretty neat -if this plays out as I expect, all of our expectations for 2021 could be blown completely out of the water.
STRONG HANDS. I hope you have em.
What is everyone seeing in these charts? Bullish? Bearish? Why or why not? Would love to hear your stances :)
Things to pay attention to:
- DXY
- SEC regulatory FUD
- Satoshi era BTC movement
- SPX, DJI, NASDAQ
- XAU/USD
- US Treasuries
we may get one more shot to buy a real DIP -the only thing we can do is prepare and have a plan!
-JNY
3CandleCollective
