btc rejected a key level and was sent tumbling down.
momentum slowly faded over the last few days, and the most important level which i talked about recently was not able to be breached to the upside.
i'm starting to lean with the idea that btc is playing out something far more sinister than most people are currently expecting.
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we are hovering above the 21 monthly ema for the second month now, similar to what happened back in 2018. i am expecting more sideways chop on the larger frames before a full on break down \ backtest of the 55ema on the monthly frame (in the mid\low 20k range).
if it'm right about this triangle, we should in theory see a few more weeks of re-distribution before it truly does break, and take away everything.
ps. there are still valid bull cases at play too, but they have lost merit this morning.
@RagNar87ro, According to Hyblock there are a lot of potential liquidations sitting at 35-36k level and now at 40k-42k. Too much I think for MM to pass up.
samspade73
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Good work. Thank you for sharing. I concur that something "sinister," will likely play out in the coming weeks. I think at the very least we dip below 29k. This sideways chop (and wild swings) is confusing even the most experienced traders I follow on twitter to the point they are frequently stopped out and placing even tighter stops. So many liquidations, every day, every hour. Some traders are sitting on their hands, unsure, but a lot are making increasingly emotional decisions. I think with all the good trade education and ways to disseminate it these days I'm wondering if the MM are having to change up the playbook a bit. Obviously that's not a data driven opinion, but when markets are chaotic like they've been it helps me to step back and ask myself: If I'm the MM what do I do here to maximize profits and why? What false beliefs do I want to create in retail to maximize profits?
samtiago
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@samspade73 isn't it fkd up that people want to sow bullshit to make money. "What false beliefs..." - what selfish c*nts - no wonder the world is imploding.
FALLING-CANDLES
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yes let's hope
RagNar87ro
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also got awsome profit from this move here
Eloquent
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@RagNar87ro, had a similar idea for my primary as well
RagNar87ro
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@Eloquent, nice , a clicked it and i saw how perfect it was placed well done mate , the power of elliottwave is huge