#BTCUSD (Bitmex)
BITCOIN still ranging between $8300 and $7800 levels. We had a quick drop to fill CME Gap on the 17th which reached $6400 and bounced back up to re-test main resistance (failed to break it). It then dropped again about 900 dollars, from $8300 to $7450 (my target was set on $7200 since there's another GAP on CME that need to be filled also). Bounced again on previous Swing High Level and it's now back into the range.
BITCOIN direction it's really not clear at the moment since it's ranging. What we can see at least is a consolidation around current level that might be great in order to estabilish a stronger support. When I look at candles tho I don't see any solid Price Action. Sure buyers are able to keep the price above $7800 (the HVN level of this Visibile Range) but who's buying now? Is this retailers (FOMO) who they are buying BTC? Candles are so small, I really don't see any strong push upward so far that makes me think that Institutions are buying except when it bounced hard from $6400 up to $8300 (in this case it filled many buy orders, but some whales also sold $30 MIL on the previous RED candle which made a SELL OFF Record that was all over the News).
I really hope whales are not playing the fake buy wall game in order keep interest HIGH and sell their bags slowly on the other side.
Anyways, I have been attempting predictions for the lower timeframe which didn't go OFF my targets that much. When analysing the HTF tho we are still in Buyers territory so if we really have to trade the trend BITCOIN is still holding overall pretty well on this massive Resistance level ($8300) so IF it breaks this consolidation upward we can jump on it. Price might be forming a symmetrical triangle (breakout for this patter in 50-50 in both directions) OR it might be forming a FLAT TOP Triangle (breakout for this pattern is about 65% upward and 35% downward). We are on a very important level when it comes to the 3D Timeframe this is why it has been ranging here for about 10 days now. Breaking $8300 upward would be extremely bullish but I would still leave my orders on $7200 to get filled lower if it drops.
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