Bitcoin parabolic triangle fractal, part 2
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Of course, a reminder again of what this market is really about. Using retail money to buy the highs so whales can take their profit. Buying up each correction over and over and over again until everyone is convinced this is free money. Reaching ATH volume on Bitmex as well (now its clear they distributed the shit out of it at the highs). So, using retail money who buy the highs to be able to take profit from the big longs they build up from who knows since when.
Now this doesn't mean the rally is over though. Certainly doesn't, during 2017 ATH rally we had several shake outs. Usually with a big move like this, hard to see it go up right away, but it could. If we are still in parabolic mode, it really can. The last big consolidation zone (around 11/11.4) has not been reached!
The fractal i posted in the previous update, played out almost 100% even with the shake out we had a week ago (if this doesn't proof it's all systematic and orchestrated, anyone who still dares to say otherwise, buy a pair of glasses). Anyway, this drop is bigger than the previous one, but makes sense because volume and OI was much higher as well.
So need to see it cool down first before being able to make good predictions again. The fractal says low might have been set already and so far seeing a good bounce already from a possible double bottom. Hope to see sideways action coming day or 2, makes it much easier to judge what the next step will be short term.
Last update from previous analysis:
Wow, just wow Bitcoin. So far it seems to be orchestrated since its following the fractals to the point almost. So no reason yet to change that view. Will try to make a new analysis today. For now, maybe this might still be a decent road map.
But make not mistake, there will come a moment where we will see a huge profit taking dump. This rally feels as if people who continue to add during consolidations. So average price rises as well because of that. So stops are getting higher as well. Just look back at the ATH, where those 3k/9k drops were happening, shaking out so many people.
When it will happen? Wish i could tell you. Will it happen at some point, 99.9999% sure ;)
As mentioned, the 13Kish zone has been my only resistance level i have seen since the parabolic move started. Small rejection so far. But it could turn out into a significant zone,at least short term
I will try to update when i think i can see the short term footsteps. Just know that 12800/13000 is a big level now. Because after that zone broke, the bull trap began to take form.
Previous analysis:
Now this doesn't mean the rally is over though. Certainly doesn't, during 2017 ATH rally we had several shake outs. Usually with a big move like this, hard to see it go up right away, but it could. If we are still in parabolic mode, it really can. The last big consolidation zone (around 11/11.4) has not been reached!
The fractal i posted in the previous update, played out almost 100% even with the shake out we had a week ago (if this doesn't proof it's all systematic and orchestrated, anyone who still dares to say otherwise, buy a pair of glasses). Anyway, this drop is bigger than the previous one, but makes sense because volume and OI was much higher as well.
So need to see it cool down first before being able to make good predictions again. The fractal says low might have been set already and so far seeing a good bounce already from a possible double bottom. Hope to see sideways action coming day or 2, makes it much easier to judge what the next step will be short term.
Last update from previous analysis:
Wow, just wow Bitcoin. So far it seems to be orchestrated since its following the fractals to the point almost. So no reason yet to change that view. Will try to make a new analysis today. For now, maybe this might still be a decent road map.
But make not mistake, there will come a moment where we will see a huge profit taking dump. This rally feels as if people who continue to add during consolidations. So average price rises as well because of that. So stops are getting higher as well. Just look back at the ATH, where those 3k/9k drops were happening, shaking out so many people.
When it will happen? Wish i could tell you. Will it happen at some point, 99.9999% sure ;)
As mentioned, the 13Kish zone has been my only resistance level i have seen since the parabolic move started. Small rejection so far. But it could turn out into a significant zone,at least short term
I will try to update when i think i can see the short term footsteps. Just know that 12800/13000 is a big level now. Because after that zone broke, the bull trap began to take form.
Previous analysis:
Note
Still following it to the point, just amazing. So fractal says testing the lows again. Break of 13100ish, prob invalidates it. Bulls are pushing hard again though, similar to past week.Note
Sorry, posted it in the previous analysis:Looks like volume is too high to follow the same move again. Looks like it might break up now. See it's already doing it as i am writing this. Had a big volume push down but buy pressure is the same as past days, unstoppable
Note
Showed this one earlier today as well. Cant get a good chart on lower time frame. But looks like it is following this path now. The blue line is just to show how the previous Dec 2017 rally. Doesn't mean it will happen the same way!Note
Seems a good follow up from the ATH fractal now. When looking at it, it suggests that the correction is not over yet. Which would be much better as well of course, because corrections that take more time, can fuel a rally much more than fast corrections. So i am not sure where we are at now, It could be the red circles, but i think at the blue one. Meaning, we can still go up again but probably make another test of support zone. Making a solid foundation for bulls to go up again later on. I have no reason at this point to think the rally is completely over already.So far the 11/11.4 has been holding which is a very good sign. It's ideal support zone so rather to see it not breaking coming days.
Note
At this moment, a small bearish wedge brought price back down to the low. 2 options now i see:A double bottom or a descending triangle. What is usually good to use as a guideline (since we already bouncing), is to see if the triangle breaks or not. Now its not exact science, so it needs a little bit of wiggle room. Think 111900/50 is good for the bulls to break. If we see a nice flag form around 12000/12200, than we might see another push up towards the 12800/13000 again, if the breakout is convincing.
If we do break the 11400ish, also 2 options. We can dump hard towards 10500/10800, if the break goes with very high volume. Or if we see some lower volume break, than the big wedge on the left might still play out. A big drop is unlikely to me at this point. Only a big volume drop might change that
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