Why are you confident we're forming a right-shoulder? Whales seem hell-bent on manipulating upwards again.
TheCryptAlpha
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@mhfcrypto, My speculation is that the market was forced to cut out all the shorts, And it did it really well. 32K Shorts to 17.5K shorts thats a substantial amount of shorts that exited, one of the major reasons of the move up was the shorts being forced to 'buy to cover' or liquidate their positions. Now that there are no more liquidations or 'buying back' the market is be flat and one sided and for the bulls to get the market above $8,500 will be a challenge because they will be forced to purchase up the market without real trading going on, which has been happening in the past couple of weeks. You will notice that all of these prices will be very appealing for people to exit their positions, If they bought anywhere under 4k its over 100% profits. If they bought before we dropped to 4k in 2018 they might have an excellent opportunity to cover and buy back at lower prices, The market is top heavy leaning more on the selling side until we hit the next milestone for liquidity, and that mile stone is prior to the break out between 4K and 6K - These area's are usually places of liquidity, and will allow whales to get back into the market. There are two sides to every trade and the favorable side is the short side at the moment. Now' Lots of things change very quickly and you need to be nimble in crypto... We might have a rally on some sort of insider trading that we do not know about EX; ETF being approved, or possibly some other nonsense. But it seems to me that they used all those bullets and the ETF will probably get postponed once again.
agent474
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You are completely right when you tell us about H&S pattern and the market HAS TO see some downward movements, as it will cool a crowd's mood and faith in bull-run.
However, when we talk about a strong Fundamental Part, technical analysis can step back.
As you may know - SEC must give its answer regarding ETF until May 21. If we tie all the facts together - we would understand that exactly this ETF has great chances to be approved.
In this case, the next couple of days BTC will just flat, but then face a huge pump due to the ETF event.
dinhchien
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@agent474, I guess ETF will probably get postponed once again. Very thanks for your news