👻 TRADING ANALYSIS [BTC]: Bitcoin making 4rd level, vacuum effect toward 10.000$
Hello folks !
1) Failed reversal turn into continuation pattern:
So the overshoot failed, or rather it didn't trigger a reversal and price went full steam toward 10.000$ in a vacuum effect.
Vacuum effect happen went both bulls and bears agree that price is going to the same level.
This happened went early bears SL around 8400$ got caught. They just pulled out of the market, or reverse their positions. Bulls bought more as they picked up on the bears losing positions.
From latest post, short positions ended up in a loss and a breakeven (see https://steemit.com/bitcoin/@tatchcapital/trading-analysis-btc-bitcoin-heading-for-a-massive-correction)
Here is the measured move:
2)What's next ?
Big picture
All this leave us with an ongoing tulipmania toward the 10k$ (prompt up by Tether Ponzi ?).
This proves again the necessity to use SL as the saying goes: "market can go insane longer than you can remain bankable".
While market generally move in 3 push it can make 4th and even a 5th.
3) Trading view:
Bull: looking for an exit above 10k makes sense and a wedge is forming on H1
Bear: wait for a pattern to for, ideally on H4
Don't hesitate to join us, ask questions in comment section, etc
Much love
Cédric
Tatch Capital Limited
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