I've been suggesting that BTCUSD may complete the head & shoulders pattern & confirm a downtrend with targets at 9k or <5k.
Two days ago, it appears that market makers had enough commitment to prevent the confirmation of H&S as they quickly pushed BTC above 12k (on Bitfinex). This has given many investors newfound confidence. We must now acknowledge the possibility that BTC crash may be prevented.
Now, there's a symmetrical triangle pattern that's about to break in one of two ways:
A break up with strong volume will lead to another rally and bulls will gain full control if BTC can go above 15k.
A break down under 12k will confirm the H&S and lead to further drops.
Having said this, the last few days have convinced me that altcoins have grown more independent of BTC, for while BTC has made a lower high many altcoins have made a higher high. This suggests that while BTC may remain bearish it may be time to consider entering on some alt positions.
As this one is on the short-term, you can also see my mid-term view of BTC here:
Long-term I'm as bullish as everyone else in this market.
wild pump on bitfinex at the moment, one order >1000 BTC buy (when I saw it; could be 2000+ when it started)
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The bulls & the bears are literally having a war now. Tomorrow morning we'll see for sure who will have won. I must admit I'm more bullish than before, as the commitment of bulls with multi-million-dollar buy walls one after another is impressive.
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So this time it was fake news about some big investor that's BUYING bitcoin
except he BOUGHT 1000% ago
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Shall we bet that today the news will say that this bit investor has sold?
So no one saw Coinbene (Japanese Exchange) with 6B volume on BTC, and then suddenly disappear ?
DrJLT
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@Squarebear, haha maybe wash trade? some say the Japanese exchanges charge no fees?
Squarebear
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@DrJLT, Yep, and the only reason BTC didn't go up any higher was because it went offline. I got SS but can't seem to post it here
neofutur
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subscribed, following your updates with attention.
I think btc will fail on 16k, and still targeting 8-11k, for now.
we ll have a better view tomorrow for sure.
DrJLT
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@neofutur, Indeed. I witnessed them having 2000 btc sell wall @ 14k, then 2000 btc buy wall @ 12k, then 2000 btc buy wall @ 14.6k -> and this is what I saw on bitfinex. Must be more. So they get to buy low & sell high many times. that's 4mn profit each time
neofutur
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@DrJLT, they can also be pretty good at setting up bull traps . . .
DrJLT
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@neofutur, I don't really like btc & have none, but it really affects everything else & is a must-follow :)
neofutur
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@DrJLT, same here, no more on btc since my dec 17 idea ( still updating it most everyday ) .
Some alts are still behaving very well ( BCH, NMC are my favorites ) wether btc goes up or down.
Imo, as long as BTC stays fat, slow and expensive, I wont change my mind on btc, the good fundamentals that made btc a success are now bch fundamentals.
lzlkenshin
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lol... it is not about trading skill anymore.. it is pure luck and observation of how the big whale/capital flow...