Unstoppable Bitcoin got dumped big time
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Some of you might have noticed through some comments. It's too much to explain, but i have been trying to take a break since last Tuesday, have not been able to do that. Goal is/was to clear my mind and take a long due brake. I can feel the consequences lately of working too much for almost a year, don't want to get in to details, that's personal. Anyway, i will probably take at least 1 week, maybe longer and or maybe a few days once in a while. Just so you guys know why you have not seen any posts this weekend and probably won't see any the coming week. Before some of you start to accuse me of things, my Telegram members are getting the same message. It's just too much this 24/7 crypto market. I might post something, don't know yet. I wish all good luck for the coming week or so.
To give my view of the current movement, bears are still much to strong, there has been a channel formed where dropped out of yesterday, since then the bulls are trying to get back in. While i am writing this, bulls are trying to break this resistance. If they manage to do this, there should be room for more recovery to the upside of this channel. If miraculously they manage to break the higher resistance line as well, only then can we think of bullish movements again. So far, the neckline has been broken of that big H&S, bulls have not even been able to test the neckline again, so only weakness so far. Some bears just keep pushing the price down, i have not watched the order book for 2 days, a few hours ago was the first time again, it was identical like it has been the whole week. Each attempt to push higher from bulls, an endless supply of selling volume keeps popping in the order books.
For the ones who remember my April rally comments, when we were in the 8000/8200, i kept saying we need a healthy correction down to keep the potential rally sustainable for the long term. If we would just (fomo) rally it would only be a matter of time until we would drop again. We all know what happened of course. Well this time we have clearly had a correction, BUT, the drop had been a bit too violent. So not a movement we want to see during a correction. However, corrections are usually much faster than the trend move, so that does the fit the picture. But IMO we should have stayed above the 7350/7500. So at the moment the 6880 is being defended, below that the 6800/6700 is a clear support and the 6300/6500 levels as well. If we drop below this support, things could get very tricky, don't think the 6100/5800 will be able to hold as support if that happens. So the V shape low could be in play, since the current drop has the characteristics of a big panic low already
What i have been told is, that the drama with the Okex exchange was known to some people around Tuesday. So is it a coincidence the whole dump started from that day? Don't think so, but who knows :). Just think about Bitmex making a record volume at the high at 8500 and we have been dumping since, doesn't make any sense. It should have never happened this fast. Again good luck guys and trade safe.
To give my view of the current movement, bears are still much to strong, there has been a channel formed where dropped out of yesterday, since then the bulls are trying to get back in. While i am writing this, bulls are trying to break this resistance. If they manage to do this, there should be room for more recovery to the upside of this channel. If miraculously they manage to break the higher resistance line as well, only then can we think of bullish movements again. So far, the neckline has been broken of that big H&S, bulls have not even been able to test the neckline again, so only weakness so far. Some bears just keep pushing the price down, i have not watched the order book for 2 days, a few hours ago was the first time again, it was identical like it has been the whole week. Each attempt to push higher from bulls, an endless supply of selling volume keeps popping in the order books.
For the ones who remember my April rally comments, when we were in the 8000/8200, i kept saying we need a healthy correction down to keep the potential rally sustainable for the long term. If we would just (fomo) rally it would only be a matter of time until we would drop again. We all know what happened of course. Well this time we have clearly had a correction, BUT, the drop had been a bit too violent. So not a movement we want to see during a correction. However, corrections are usually much faster than the trend move, so that does the fit the picture. But IMO we should have stayed above the 7350/7500. So at the moment the 6880 is being defended, below that the 6800/6700 is a clear support and the 6300/6500 levels as well. If we drop below this support, things could get very tricky, don't think the 6100/5800 will be able to hold as support if that happens. So the V shape low could be in play, since the current drop has the characteristics of a big panic low already
What i have been told is, that the drama with the Okex exchange was known to some people around Tuesday. So is it a coincidence the whole dump started from that day? Don't think so, but who knows :). Just think about Bitmex making a record volume at the high at 8500 and we have been dumping since, doesn't make any sense. It should have never happened this fast. Again good luck guys and trade safe.
Ghi chú
Just a small step, but that last drop might be a small bear trap, bulls pushed it above the first resistance at 7250/7300. If they have the balls and strength to keep pushing it above this red resistance zone around 6500, only then can we start to think that this panic selling is over. That 6500 is really needed to become bullish, because only then can they form in inverse H&S would could end this hurting quickly. Otherwise it will take much more time AND it could be a matter of time until we start to drop again.Ghi chú
We have 2 very realistic outcome now, think the coming half day or so will be decisive to what will happen the coming days. The bulls need to keep the pressure high here, so they can force an inverse H&S here with the neckline around 6500/6550. If the manage to do that, we could go towards 6800/7000. If they manage to do THAT, it could be the the start of a V shape low, meaning the low is set and in theory we could go up just as fast again as we have dropped. The other side of the story is, if bulls can't push higher and we will form a big bear flag (right chart). This could bring us much lower of course. So i think the coming hours/day will give us an answer.
Ghi chú
The bear flag is almost out of play, need a little bit more to shake of that resistance. The neckline of the the inverse H&S broke, at the moment in a small bull flag and it looks like we will continue up, might even reach 6800/6900 sooner than i though, but the 6500ish has to hold!Ghi chú
The 6500 broke, now at another support zone at 6430/6460. But i got a bad feeling about this. Coinbase seems to be down and a big dump on Binance happened 20 min ago as well to 6352. Even Bitfinex the most bullish exchange for weeks, got pushed down more than others. Like they want to push it down again, don't trust this at all at the moment. Looked perfect, now turned to sh.t again.Ghi chú
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