Just as I was about to write my analysis for today Bitcoin decides to pull a fast one on me and spike immediately with a massive green candle killing off all my prior analysis, or so I thought.
Looking at it closer this recent spike seems entirely unnatural and I highly suspect its whales trying to kill leveraged short traders.
Going off on my earlier train of though I think we need another drop back down to around 7200 support before a possible rally, i've mentioned before a lack of volume as the primary reason we're not getting the momentum required but in this current moment the sudden spike in buy volume doesn't seem natural.
As well it seems to be forming a head and shoulders pattern which would signal a pretty significant selloff later in the day.
Will also have to keep and eye out for the 6th of June tomorrow and see if history would repeat itself, might be nice to have an altcoin cycle again.
Looking at it closer this recent spike seems entirely unnatural and I highly suspect its whales trying to kill leveraged short traders.
Going off on my earlier train of though I think we need another drop back down to around 7200 support before a possible rally, i've mentioned before a lack of volume as the primary reason we're not getting the momentum required but in this current moment the sudden spike in buy volume doesn't seem natural.
As well it seems to be forming a head and shoulders pattern which would signal a pretty significant selloff later in the day.
Will also have to keep and eye out for the 6th of June tomorrow and see if history would repeat itself, might be nice to have an altcoin cycle again.