I’m going to suggest the most likely scenario for Bitcoin and the way to join whales’ profits!
In this post, I applied: fundamental analysis, all-round market view, candlestick patterns, market balance level, graphic analysis, trend analysis, trading volume indicator
Another week is over, so it is time to sum up the results and update the forecast for our cryptocurrency king, the Old Bitcoin.
Many, rather tired of the current cryptocurrency price correction, started exiting the market.
The manipulators have understood that they do not have enough power to dump the market deep and for a long time, so they are sticking to the principle “by hook or by crook”, trying to exhaust the hamsters out by just not letting bitcoin rise
Most people were investing in cryptocurrency just because it yielded super return and each participant was going to become rich.
Currently, the equity market is more volatile, and the yields in the stock market can be compared to the cryptocurrency market. So, many started to transfer their money from the crazy, unregulated cryptocurrency to a relatively safe heaven of securities.
There is two-month timeframe in the chart above. I’m not sure if anybody at all studied this timeframe, but in this chart, the big traders’ target is quite clear.
Currently, the ticker is in the strong support zone. It is between the level of 6455 (May’s low and November’s open level) and the last unclosed low of the bullish candle at 5400 USD.
As you see, there is nothing below the zone, and the next strong support level will be only at about 3000 USD.
Therefore, it is very important for market makers to break through the level of 5400; that is below the level, where there are plenty of nice stop orders that are so attractive; and it is not only about common hamsters, there are big fish and large deposits.
The light in the tunnel for most cryptocurrency holders is the anticipating of Nasdaq cryptocurrency exchange. People expect that after such a stock giant enters the cryptocurrency market, a fresh flow of smart and big money will pour into digital assets that will provide TOTHEMOON to all cryptocurrencies.
So, what’s the catch? As we just need to be patient and hold on our bitcoins until the long waited launch. This idea was haunting me, and I was trying to find out. Thanks goodness, I have found the proof of the news on Nasdaq official website here
However, I still wonder why DX.exchange says nothing about its partnership with Nasdaq, om both twitter and its official website. It looks like either there is something wrong with the partnership itself, or the data, announced, won’t be met. Remember, Finance Magnates article dated May 14 said that it would be launched the next month.
It is already June 18 now, there is less and less time before the launch. If they fail to do it on the suggested date, it will be additional stress for all bulls, due to which they can just dump the coins and crash the rate.
Moreover, I won’t be surprised if there is news injection that Nasdaq and DX.exchange partnership will be suspended, exchange has some problems and puts off the launch.
All this can press the market rather strongly, so, before you give in to panic, look for the original source of the news bit.
In fact, manipulators have less than two weeks press the market deeper.
Technical analysis will suggest the chances of it.
In the daily chart, there are complete bullish convergences both by MACD and RSI stochastic.
Besides, MACD sends a bullish signal at the meeting of the moving averages. If nothing bad happens today, this signal continues and will be a good sign of the growth start.
You see, after the strong dump, the price hasn’t closed the last base level. It is highly likely to return there. Straight drop without any rollbacks will take the manipulators too much effort.
If you look at 4-hour chart you’ll see a bullish signal there, it is a hidden divergence between the price and RSI stochastic.
According to the indicators, there must be the price rebound. So, to break the resistance zone at 5400, sought by bears, manipulators should have even less time to pass over all the bullish correction.
To figure out how much time manipulators have to press the price down, I calculated the potential growth peak, having taken the line inclined at the angle, equal the angle of the downtrend. Finally, I’ve got the date of about June 21, provided the momentum emerges in the next 4 hours.
I projected the potential downtrend at the same angle, got the date of about June 23, when the price should return to the current levels.
So, whales have a week from June 23 till June 30 to achieve their targets.
If we get back to the weekly timeframe, we’ll see that the previous closed candle broke through the key level of 6423, which suggests the price should continue moving this way.
So, the manipulators are highly likely to go on dumping the market down.
They will hardly press the price down through 5400.
The only thing, clear now, there are a lot of sellers at around 7000 USD, who want to follow whales’ profits. On the other hand, many expect the rebound from the current levels towards 7000 and bet on rise.
Manipulators are caught in the cross-fire. So, I can assume, not to let anybody make profits, they will still try very hard, to get rid of longs, and then, with same smart trick, trigger the stops of sellers.
It will look like this:
The ticker drops down to the ascending channel’s lower border towards 6200, triggering bulls’ stop orders. Next, it is going to rise back towards 7200, triggering sellers’ stops by the way, where it will face the lower leg of the broken out giant triangle.
I wouldn’t say that support this scenario, but I should take it into account, not to be surprised at the future events and increase my chances to follow whales’ profits.
I wish you good luck and good profits!
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.