Bitcoin 0.06% has made some frustrating moves lately, they keep getting worse. The moves i mean are the squeezes up and down, these are produced by whales to push out day traders from their long and short positions and to put their losses into their pockets. The only way to to stop this, is take on smaller positions so you can take on wider stops. So you don't get pushed out by those fake 100/200 point squeezes!
So far it has been moving according to the fractal i have been showing lately, but i think it has come to an end now. Bitcoin 0.06% seems to have formed a small bullish wedge from which it will probably break out of today. Still a chance for a drop of course, but i give that 20% chance at the moment. As long as we don't break the 7900/7800 we can assume we will see the 8600/8800 soon again. Now if this rally happens, there are 2 possibilities. It's the start of a second rally to break the 10K, a break of 9000 and 9400 would be a big step. Or it's just a temp move towards the 8700 and to continue the drop and if the 7900 breaks it will probably continue the down trend again. If this happens, a break of 7000ish will probably confirm we never left the big downtrend. Many Alts show bearish signals, some even underperformed Bitcoin 0.06% .
The last few days i mentioned we are around the 50 yard line for the med term, when we were around the 8200. So far we dropped towards the 7900, but it has not been a big drop so the direction for the med term has not been taken yet. This keep options open for both sides. I tend to look at the down side, since it was my bigger plan picture since the 6K's even a month ago. But this wedge could change things. It shows there are buyers in the building. So actually nothing has changed for the med term, since the market has not really shown it's hand on the med term. We will probably get an answer in the next few days.
I have posted some analysis on a few Alts and updated them as well yesterday. I would say, take a look at those as well, to get a feeling on what the market is probably thinking.
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