China pulling crypto mining...
Any ideas what will happen?
I got it pegged in a different direction right now.Things have been pretty slow the last few days. Seems like it will move soon though. Looks very similar to previous action. Target about $5250.
The Rand is also fairly low right now at R14 vs the Dollar. So it will be fairly easy for the price to hold at R77k on Luno and the BTC price can easily go up to R85k if the Rand heads towards R15 vs the Dollar even without any movement in the BTC USD price.Luno really trying to push it again. Fomo fever.
So in essence going long or short now you have the same equal chance of getting screwed.I think it's going to retest region between $4960/$5040. A break and daily close below there should signal the end of the uptrend. It could still spike up to $5400 again though before dumping.
Yeah I'm fairly sure we will go down to $4200 at least at some point. But no way to know how far up we will go first and for how long.So in essence going long or short now you have the same equal chance of getting screwed.
My worry is nothing between 4100 and 4600 was ever tested - I don't trust that vacuum - yes BTC has been holding support and testing higher highs and flagging and doing all sort of bullish antics and 6k is not that far off either but ... that pocket of air concerns me - atleast a 50% retest of support.
Looking at what I've learnt about leveraged positions and the whale market, their liquidations are getting close. Each time the price pumps they take profit and then add more on the dip with some of the profit. So the heavy liquidations would be somewhere in those red bubbles, each time getting closer to the current price after each dip. Once that zone gets too close or if we fall to it, there's a very high chance of one of those $500+ dumps. It's fairly close now.