⭐ Merited by dragonvslinux (1)
What if the whales decide to wreck both bears and bulls in the next coming weeks?
At the time of this post, Bitcoin is trading a bit above $9700.
Now we are well aware of the big resistance at $10500, placing a short with a stop loss at $10600 sounds too easy, too obvious?
Whales could destroy all those bears and liquidate all these stop losses.
Then everyone would turn bullish because the resistance has been officially broken. Whales now can destroy these bulls, go to $11795 area to fill the gap on the future exchange.
Coincidentally, our Fibonacci gives us $11765 (Fib 100) since the last $8700ish bottom
Would be amazing if this happens. This way, the whales ruin both bears and bulls. Our lovely downtrend is back from $11.7k to go below $7000 for a first take profit target (that would be around $6700).
The move from $11.7k to below $9.5k needs to be quick, similar to June 2019 when we touched $13.8k then dropped very fast from there (gravestone doji).
A quick drop is necessary so the monthly candle of June 2020 doesn't close above $9.7k, this is necessary to stay in the bearish triangle that started since December 2017.
Wait and see
At the time of this post, Bitcoin is trading a bit above $9700.
Now we are well aware of the big resistance at $10500, placing a short with a stop loss at $10600 sounds too easy, too obvious?
Whales could destroy all those bears and liquidate all these stop losses.
Then everyone would turn bullish because the resistance has been officially broken. Whales now can destroy these bulls, go to $11795 area to fill the gap on the future exchange.
Coincidentally, our Fibonacci gives us $11765 (Fib 100) since the last $8700ish bottom
Would be amazing if this happens. This way, the whales ruin both bears and bulls. Our lovely downtrend is back from $11.7k to go below $7000 for a first take profit target (that would be around $6700).The move from $11.7k to below $9.5k needs to be quick, similar to June 2019 when we touched $13.8k then dropped very fast from there (gravestone doji).
A quick drop is necessary so the monthly candle of June 2020 doesn't close above $9.7k, this is necessary to stay in the bearish triangle that started since December 2017.
Wait and see