Technical and Fundamental analysis
What a coincidence that we have the lowest low of this pull back on the exact date that the OBOE futures contract expired….
WWWD (What Would Whales Do) Whales would short bitcoin on the futures market and simultaneously crash the market. Then they would BTFD and open long contracts. They would make money on both sides of the flip.
There is still one more futures contract set to expire on the 26th, and, in my opinion, a perfect opportunity for a double bottom. We have just created a high and now need to create a low as well. Where will that low be is the question..
We can see a pretty clear 1-5 up, and an ABC down. (Some would say the final C wave needs a sub 1-5 wave, and there may be only 3, we shall see)
Short term (1 week) I am bearish. Like I said earlier, we need to create a new low from this high. We are also on the bear side of 2 converging trends.
• 1 - We have the long time resistance trend from September pushing down (which became support for the 1-2 pull back as well as the A pull back)
• 2 - We have the down trend of the highs of B to C
For me, the risk to reward to sell at this short high and rebuy on the trend line is low. I do have some fiat available to start scaling in around 10.5k 10k and 9k. For you, you will have to decide how you want to play this. Let me know your strategy in the comments below!
What a coincidence that we have the lowest low of this pull back on the exact date that the OBOE futures contract expired….
WWWD (What Would Whales Do) Whales would short bitcoin on the futures market and simultaneously crash the market. Then they would BTFD and open long contracts. They would make money on both sides of the flip.
There is still one more futures contract set to expire on the 26th, and, in my opinion, a perfect opportunity for a double bottom. We have just created a high and now need to create a low as well. Where will that low be is the question..
We can see a pretty clear 1-5 up, and an ABC down. (Some would say the final C wave needs a sub 1-5 wave, and there may be only 3, we shall see)
Short term (1 week) I am bearish. Like I said earlier, we need to create a new low from this high. We are also on the bear side of 2 converging trends.
• 1 - We have the long time resistance trend from September pushing down (which became support for the 1-2 pull back as well as the A pull back)
• 2 - We have the down trend of the highs of B to C
For me, the risk to reward to sell at this short high and rebuy on the trend line is low. I do have some fiat available to start scaling in around 10.5k 10k and 9k. For you, you will have to decide how you want to play this. Let me know your strategy in the comments below!
