I'll be honest, I completely did not anticipate this huge pump. I'm still not sure whether this pump from $29k is some elaborate prank or is it really the start of Wave 5.
The reason being is that it broke so many patterns to the upside, the patterns and analysis seem meaningless now. And the channel pattern is now the default pattern. BTC is always following a channel to some target. I've been doing Fib retracement, which helps a lot, but BTC reaches those Fib targets in a channel.
What I believe is happening is huge whale manipulation. Any time the market is about to behave according to the probabilities of patterns, a whale will step in and reject it, which results in the price following channels till the whale hits his target.
Even reliable momentum indicators like RSI, OBV and MACD seem useless. One can clearly see divergence indicating an imminent drop which begins to develop, but by the time I wake up, it has completely reversed to the upside unexpectedly. The weekend really did me in, because I couldn't trade on the weekend, and the weekend was super bullish leaving me behind to pick up the pieces.
So right now, again the price is moving in a channel. I see we are super close to the 0.5 Fib retracement level from $65k to $29k, and I strongly suspect we are heading there because the forces that be are pushing us toward targets. However, of course BTC will just act bearishly in channel patterns, probably to shake sellers out.
The reason being is that it broke so many patterns to the upside, the patterns and analysis seem meaningless now. And the channel pattern is now the default pattern. BTC is always following a channel to some target. I've been doing Fib retracement, which helps a lot, but BTC reaches those Fib targets in a channel.
What I believe is happening is huge whale manipulation. Any time the market is about to behave according to the probabilities of patterns, a whale will step in and reject it, which results in the price following channels till the whale hits his target.
Even reliable momentum indicators like RSI, OBV and MACD seem useless. One can clearly see divergence indicating an imminent drop which begins to develop, but by the time I wake up, it has completely reversed to the upside unexpectedly. The weekend really did me in, because I couldn't trade on the weekend, and the weekend was super bullish leaving me behind to pick up the pieces.
So right now, again the price is moving in a channel. I see we are super close to the 0.5 Fib retracement level from $65k to $29k, and I strongly suspect we are heading there because the forces that be are pushing us toward targets. However, of course BTC will just act bearishly in channel patterns, probably to shake sellers out.