Just before Feb 6 low, BTC was plummeting and everyone on TV was bearish, expecting bad news to push BTC way lower. Futures contracts had just expired and the whales would be looking to dbl their money again and most thought it would be easier to short and cut BTC in half rather than double it by the next futures deadline.... OOPS, good news came and BTC shot str8 up doubling the futures bets of those who went long. Not surprisingly, right after those futures closed, a bull trap was sprung and we plummetted from the 12k high. Here we are nearly cut in half with the futures deadline upon us and again most are calling for BTC to go to new lows or at least dbl bottom at 6k, especially with bad news coming at G20 talks. Mmm-hmmm. Sorry bears, but no. Futures will expire, whales will go long for the next round and good news will come at G20 and act as a catalyst for a strong bullrun. Alts are worse off than BTC so will grow faster initially just as they did FEB 6. You're Welcome.
My prediction that we will go up and fast doesn't mean we will do it right now (40% of my positions are in at around 7500-7650 range) as we very well may go to 7200 to finish this wedge pattern we are in. Target of wedge is 10k or 13k depending on how you draw it but I am unloading my alts around 10k as even a big move up will have to take a breather at such strong resistance as we have around 10200 10400 mark.
Whales aren't done toying with us little guys just yet. Need to inject more hope into the market now so they have more money to extract once the next futures contracts roll out. Doubling their money by cutting BTC in half and going to 3 now would put their cash cow on life support so UP WE GO.
Commentaire
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Called it! First bit of good news surfaced and up we went from a 7243 low on Bitfinex. Picked up rest of my alts at 7350ish and am up 20% on my roll a few hours later. Those waiting for confirmation can enter (and many will) on this pullback from 8450. I doubt we break 8k but 7.7k is still possible. Expect another vertical pump from there.
I appreciate seeing insight into how whales and the futures play into the TA. Thanks for the updates. Cheers.
BullWick
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@darwinism, No problem. Your support is appreciated. And ye...more and more now as institutional money floods in playing this market will become trying to figure out what the big boys are up to and tagging along. GL
wxman99
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good call...that is where I bot back
BullWick
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@wxman99, Enjoy your profits! I'm a big fan of playing these bullish setups even if it does end up being a bounce. The thing about this level is that bearish counts and bullish counts were both calling for a reversal upwards...just for different amounts. Bears can call this an ABC 4th after the 3rd leg down from 12k and bulls can just see this as beginning of wave 3 up after a big wave 2 retracement to 78.6% of wave 1. Either way we have a couple thousand bounce up where alts will fly high to undo all the tanking they just did. If we stay bullish, we will see 13k within a few weeks. At least 11k by end of March.
GL trading.