DarkEnergY is back with a NEW exciting update on Bitcoin 1.62% . A lot of stuff has been happening today. We have been going sideways for 14 days now, and suddenly out of nowhere, when we least expected it, within 30 minutes whales shot the price up more than 1,000 USD which put the RSI up on ALMOST level 90. It's NOT something you see every day.
Everything was going well with my latest predictions. For many days I saw that ABCDE-corrective pattern form, and it seemed like a lot of other Top Authors started to accept it and applied it to their own charts.
Let me very CLEAR. NO ONE could have predicted that STEEP move, other than the whales, who did this. There might also be a chance, that some institutional buyers came in. But that is not so likely.
Let me also stress, that I'm NOT saying, that many people couldn't predict the price would go up. There were definitely some bullish signs also. There has been a lot of bullish accumulation lately, and we were in descending broadening wedge , which is a bullish pattern . I just believed we would go lower, before we jumped out.
But for the whales to shake the market, when a lot of people slowly became more and more bearish and entered short positions, was a genius move, I must admit. The whales took the price unnatural high up within a short period of time. Just above 8k, which liquidated a lot of shorts.
I admit - I knew there were a risk - but I didn't see it coming.
So now what?
Nothing has really changed so far. I'm still bearish , and I still think we will go lower than 5k. If we manage to get out of the downtrend channel I will change my mind. But we have a lot of resistance in this area. The resistance line, 61,8 % retrace and EMA50.
According to my EW-counts we are still on wave C (5th subwave), which I believe will take us down to the double bottom at 6,000 USD.The Hidden Bearish Divergence on the RSI , also confirms, that we will continue our downtrend!
Lastly but not least. I'm making these charts for you guys to educate you about TA. No reason to be rude when I or other traders are wrong. It seems like some new Crypto-traders come into this world and think, that a Top TA/Trader is able to predict every single price movement.
And when we are wrong they feel the urge to shout "WRONG AGAIN". If we had that ability, and never were wrong, we would own the entire world!
[Source: DarkEnergY]
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