Take a look at the chart. Volume pumps means whales (or whoever) are buying some longs and the price will go higher for a while untill they close them. That doesn't guarantee big price rise or uptrend. Just a temporary direcion/correction.
But the overall picture isn't nice. Critical line was crossed at 6450 breaking bear flag lower trendline down, now the chart just builds what was started earlier. Several options I see:
1. Price below 6250 and continue falling to 6000. In this case a bear flag patters goes on and we will see a pattern continuation flagpost all the way to 5000$.
2. Price bounce of ~6100-6150 and goes up to ~6380, than down, because that area has very strong resistance which won't be broken without good hype or momentum.
3. Price bounce of ~6100-6150 and goes up to 6550 - the upper line of parallel channel. Should go fast as otherwise 2nd scenario. After we'll see. Breakout possible but not further then ~6750-6800.
Example of bear flag pattern continuation.
But the overall picture isn't nice. Critical line was crossed at 6450 breaking bear flag lower trendline down, now the chart just builds what was started earlier. Several options I see:
1. Price below 6250 and continue falling to 6000. In this case a bear flag patters goes on and we will see a pattern continuation flagpost all the way to 5000$.
2. Price bounce of ~6100-6150 and goes up to ~6380, than down, because that area has very strong resistance which won't be broken without good hype or momentum.
3. Price bounce of ~6100-6150 and goes up to 6550 - the upper line of parallel channel. Should go fast as otherwise 2nd scenario. After we'll see. Breakout possible but not further then ~6750-6800.
Example of bear flag pattern continuation.
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As the price moves within a parallel channel yellow trendline keeps on working as SR.
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Current price channel in 5 minutes timeframe
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Congratulations everyone! CBOE closed contracts under 6150 and now we are heading up. If you have seen that show live then you do not need roller-coster or anything else. That was a great SHOW!!! I hope you shorted before the move and had a great profit. But whales played it beautifully. Bravo.
Seriously. I think that should give crypto traders some experience of what may happen so they can't be manipulated so easily. Maybe less so obviouse shorts or same longs? And less emotions.
Congratulations everyone! CBOE closed contracts under 6150 and now we are heading up. If you have seen that show live then you do not need roller-coster or anything else. That was a great SHOW!!! I hope you shorted before the move and had a great profit. But whales played it beautifully. Bravo.
Seriously. I think that should give crypto traders some experience of what may happen so they can't be manipulated so easily. Maybe less so obviouse shorts or same longs? And less emotions.
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I'll leave this screenshot for memory. It was something I've never seen before. Full monty whales games. Now forward!
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Still inside the channel, only correction for recent epic rise. No need to worry and short.
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ABCD pattern in action
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Just wanted to share with you that picture of hhow great works the trendline drawn by two spikes earlier before the fall.