At last, a weekend supported by the Asian market is giving this recovery a nice start! But will it last? Or is it just a bounce before the storm? Let’s find out!
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Push madness
Last week we parted company with a clear objective… liquidity!
It would appear that the “target” zone in yellow worked well even if the other possibility – in red – had been mentioned beforehand!
As for last Monday’s big wick, it’s more market noise than anything else, even if it does suggest a very strong clue: the volatility of the next wave! Indeed, very little liquidity is available on the various exchanges at present, so a major announcement will have a considerable impact on the price of Bitcoin and crypto-currencies in general!
In short, we can go up hard, and down hard! Great, but the question now, is this. Will the current rise give a real push to $32,000 and open the door to much more? Or are we forming the famous “dead cat bounce” on the right shoulder of an ETE from hell?
Bitcoin at $32,000? Or the street?
The street is $20,000.
The street, the street, I’m overdoing it as usual, it’s true. But yes, we could have put in place a final rebound before the final collapse, even if it seems highly unlikely for many of the reasons already mentioned here! Let’s take a look anyway:
The target for an ETE (Shoulder – Head – Shoulder) of this size would be below $20,000. Ideal for investors like us who want to buy lower… A big wait on these levels by non-professionals, who alas may never enter the market as usual. However, this ETE is borderline technically valid, as the shoulders are rather high in relation to the head! But then, some people have small necks and that’s just the way it is.
The street is over!
What if the real movement was upwards? What if we’ve been waiting for months, for this, for this moment, this first pre-halving rally, before its sell-the-news on D-Day?
In any case, what we’re seeing is that there’s still plenty of liquidity accumulating to the north, at least up to $31,500, and that’s likely to increase on Bitcoin! This could allow us to push the price. However, contrary opinions such as differences as well as orderflow are starting to show signs of weakness. We may need to take a breather before making a final push!
Let’s take a closer look:
Many signs of a local top are in the making! Even if the past isn’t always useful for predicting the future, it’s still the basis of investing and trading. In short, we seem to have a local top under construction. It could also prove us wrong, as liquidations that are piling up could bring a short squeeze quickly and thus thwart orderflow which is so rarely wrong!
What I’d like to see on this one is a resurgence of altcoin sellers to show us that they don’t believe in the bullish move, and thus make an outright push to the $32,000+ level!
EVERYTHING is at stake now! We need a push to hope for a rally before halving arrives, otherwise it could be bloody for us! Take time to make your decisions and don’t do anything on the spur of the moment.
And in any case, keep your assets safe, especially with our partner D’Cent.
Entrepreneur & Dad, passionate about cryptocurrencies, I describe for you the technical analysis. Cofounder of Cryptocademia, a free platform to learn all you want/can about blockchain ! Meet you there at https://www.cryptocademia.com
My job: look at charts and interpret them for you.
Beware, I do not know all the truths.
