I've been unable to post the last 7 days unfortunately & hope you all survived the flash crash the other day.
On another platform I called the top because of the El Salvador making bitcoin a legal tender ordeal, it was a "sell the news" event to trap retail into buying at high levels so whales can exit their long positions and dump on them.
It's still very early for this pattern but I'm going to call it anyways because of my conviction & confidence that we go lower before anything further can happen.
Buyers are all expecting $50,000 & sellers are expecting $40,000 to break, so how do whales confuse both sides and create liquidity from that perspective?
Once we break the dotted-lined uptrend & break below the grey rectangle box this possible scenario will increase in terms of odds, as of right now it's 50/50 but I'm leaning more towards the downside so did some thinking and came up with something like this.
1) trap panic sellers once the current wick low breaks. 2) stop hunts. 3) high leverage liquidity hunt. 4) psychologically confuse both sides.
Often times before a bottom is priced in there's at least one lower low, right now we only have one large wick.
The fear & greed index went from a 79 (greed) to a 48 (fear) but usually either at the top whales build positions and want higher before dumping, and at the lows they want lower before pumping the market.
ALSO, I'm starting a new trading challenge:
1) 100 trades. 2) same position size. 3) same leverage.
There's a link to another platform that tradingview has been so generous to put under every technical analysis post of mine, and the information will be posted there if you're interested in seeing the results.
Sorry again for not being able to post over the last 7 days, but you can expect daily technical analysis updates from me moving forward on my perspective towards the market.
We could easily go higher first it’s just a thought, and the lines aren’t accurate whatsoever. It’s hard to find a pattern when it dumped $10000+ in an hour and went sideways for 2 days.
Mihai_Iacob
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Thanks for sharing your analysis
YurloTrades
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@OptimoomFX cheers
YurloTrades
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This idea is invalidated. I’ll be back October 1st.