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BTCUSD The bottom is close?

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Both MACD and RSI show bullish divergence on 2-hour and 4-hour chart. The bullish divergence is actually a sign that whales are accumulating.

I think 7k6 is close to the bottom of this cycle. Whales may release good news in the following weeks and try to pump the price higher to sell.

There might be another one or two dips to 7k2-7k6 but I think the bottom is not very far away.

Nota

I have sold and closed all my long positions because this pump doesn't look like a start of reversal imo. I would rather take profits and wait for the tomorrow's news coming out before making a further move. I do not trade high uncertainty.

You can trade at your own risk.

Nota

Just saw the news. Obviously big boys knew it was coming.

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The local bottom 7200 may lead us to the next stop 8800; and then there might be a pullback before it gets pump again and break 9000.

Now we are in a consolidation phase after the price breaks 8000 major resistance and it also found support above 8000 when shaken up and down. This is a bullish sign.

Trade chiuso: stop raggiunto

Well. Seems something bad happened. My stop-loss at 8399 was hit and now I am out.

Nota

Let's see if this is the whales' plan:

By the way, someone is moving 4500 BTC around. Rumor says the receipt is an exchange.

blockchain.info/tx/10e9472239c7ce6ca70de831a570c03254f61c9e3f463e2a0c6b28d0f63b8aae

Nota

*recipient

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The movement of BTC right now looks very bearish to me. This kind of movement is usually created when whales are dumping their bags. I hope I am wrong.

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Ignore my last comment. Although whales are selling, it seems the buying interest from retail buyers is still very high. I think they may pump it one more time to 8700-8800

Nota

I have sold and closed my long at 8620. I dont think there's much room above.

Nota

Still looks very bearish. The pumps are weak and they formed many needles (long upper shadow) on 5-min chart. More like luring people to buy more. I have opened a small short position at 8600. I will short more if they pump it higher.

Nota

By the way there is still a chance they will pump it to 8800 like what they did on 3/16. That's why I didn't open full short position at 8600.

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Just opened more shorts between 8800-9000. I have moved my stop-loss to 9301. I don't think this is a reversal. More like a bigger bull trap.

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Just want to share with you something interesting I read on Weibo:

Do you think the bull market is back? Just ask yourself one question, "Are you and your friends buying like crazy? Or you are just waiting for the next pump so you can sell and break even?"

Food for thought.

Nota

Bulls are stronger than I thought. There might be another wave up to 9300. Now it forms a rising wedge. We may see a retracement to 8300-8500 after it breaks it. I am still holding my shorts, and will probably add more if it really goes higher than 9300.

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I would not open any long position at the moment. It could fall now or after another wave up. No body knows.

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We just broke the rising wedge and start falling. You can see some giant buy walls on the order book rn for luring people buying the dip. And my shorts start bringing me some nice profits.

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I have closed all my short positions around 8850. The retracement is not as deep as I thought. And here's the new short-term trading plan.

Trade chiuso: stop raggiunto

Are BTC cycles becoming shorter and shorter?

Callmepope

We don't trade patterns. We draw them.

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