We had some hope for a short time of a
BTCUSD
possible reversal but too many people are taking profit via day trading, tax purposes or mining costs related purposes between 7500-7800 right under the last support area. But many are also buying up any dip under 7000 knowing that 6000-6500 is a large support area based on the entirety of 2018, mining profitability as well as a future bull run into the halvening. This is trapping the price into a sideways action and energy is being built up. At some point before the end of December we will see a large number of contract liquidations all at once yet again which will pop the price sharply in one direction. It will be easy to do because many traders will be absent for the holidays starting mid December which will lead to very low exchange volume/liquidity. This will make a whale price manipulation move very easy to do.
Long/short contracts are increasing to heights not seen this entire year indicating bear exhaustion is starting to kick in but my gut tells me it's quite not over yet. My current expectation is another leg down (possibly sharp one) which will be immediately bought up and liquidation contracts on both sides which will clear the orderbooks and set the stage for a real reversal into 2020.
As always, join me in my telegram channel at https://t.me/flourishingcapital or head over to join the waitlist for my magnum opus, the Flourish Crypto Bot at https://t.me/flourishingcryptobot?start=404755994. Historical real performance data available upon request.
Thanks for reading everyone and happy trading!
BTCUSD
possible reversal but too many people are taking profit via day trading, tax purposes or mining costs related purposes between 7500-7800 right under the last support area. But many are also buying up any dip under 7000 knowing that 6000-6500 is a large support area based on the entirety of 2018, mining profitability as well as a future bull run into the halvening. This is trapping the price into a sideways action and energy is being built up. At some point before the end of December we will see a large number of contract liquidations all at once yet again which will pop the price sharply in one direction. It will be easy to do because many traders will be absent for the holidays starting mid December which will lead to very low exchange volume/liquidity. This will make a whale price manipulation move very easy to do. Long/short contracts are increasing to heights not seen this entire year indicating bear exhaustion is starting to kick in but my gut tells me it's quite not over yet. My current expectation is another leg down (possibly sharp one) which will be immediately bought up and liquidation contracts on both sides which will clear the orderbooks and set the stage for a real reversal into 2020.
As always, join me in my telegram channel at https://t.me/flourishingcapital or head over to join the waitlist for my magnum opus, the Flourish Crypto Bot at https://t.me/flourishingcryptobot?start=404755994. Historical real performance data available upon request.
Thanks for reading everyone and happy trading!
Join us at t.me/flourishingcapital
