A week of sidewalk expected for Bitcoin
I saw many technical analysis on bitcoin price in tradingview, however, bitcoin market now is totally dominated by some whales from China; speculating their mind would be more productive to short-term trading strategy.
Recently Chinese stock market halted to move up, and Shanghai index is now in range of 4200~4500. Also, industrial or financial news do not give Chinese investor a confidence on further bullish movement. In this circumstance, even whales cannot have confidence on price movement, and they may pause to manipulate market.
I think that lower number of future contract on OKCoin indirectly prove this; average number of opened contract on Monday afternoon - of course in East Asia - usually spanned from 500k to 530k, but just have reached 450k today. If this trend is not changed until tomorrow, this sidewalk will last for a week at least. My sidewalk range is 1455 ~ 1475, and breaching this range for more than a day will be a sign of new movement.
So, now, what we have to do is doing our original or main job and wait for movement.
Recently Chinese stock market halted to move up, and Shanghai index is now in range of 4200~4500. Also, industrial or financial news do not give Chinese investor a confidence on further bullish movement. In this circumstance, even whales cannot have confidence on price movement, and they may pause to manipulate market.
I think that lower number of future contract on OKCoin indirectly prove this; average number of opened contract on Monday afternoon - of course in East Asia - usually spanned from 500k to 530k, but just have reached 450k today. If this trend is not changed until tomorrow, this sidewalk will last for a week at least. My sidewalk range is 1455 ~ 1475, and breaching this range for more than a day will be a sign of new movement.
So, now, what we have to do is doing our original or main job and wait for movement.
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