🅱️ Bitcoin | Fibs. Suggest Additional Growth (Who Is Selling?)

30 באוג׳ 2023

Who is selling?

We know for sure that a whale selling their stash of Bitcoin caused the recent flash crash, a major dump that pushed prices as low as $25,000 17-August. The avid chart reader accepted this drop as a major event but surely noticed the higher low compared to 15-June and thus prepared for the inevitable recovery that followed.

Who is selling?

Long-term holders are doing what they do, holding.
Big players focus on the long-term. Anybody entering now or recently, is ready to wait.

What about retail?

Retail players cannot move the market but knowing what will happen in 2024 and beyond, they are also ready to hold.

And so we are back to the same question... Who is selling?

Nobody is selling and that is why Bitcoin's price remains strong.

When there is positive news, prices move forward.
When there is negative news, prices stay the same.

Bitcoin bottomed November 2022 and has been growing since.
The only drop so far seen are corrections, necessary based on how markets normally behave.

Looking at the 4H timeframe, Bitcoin Short-Term, we can see clearly that everything stays the same.

The dump did happen but the bigger picture is up.
Looking at the Fibonacci extension numbers, support & resistance levels on this chart, there is room for additional growth.

These levels are pointing towards $29,200 and $30,330 next. These are the targets short-term.

What about the bearish perspective?
What is needed to see another drop?

Bitcoin would need to break below $26,000 first and then below $25,000 for any bearish move to be significant enough.

Any trading above $27,000 is super strong.
The current price is trading at ~$27,250 and so the bias is clearly up.

Unless we see a major crash, another one, we expect prices to go up.

The recent bullish breakout is a bullish signal... Expect a follow-through unless there is a break of support.

When in doubt, look around!

Many Altcoins are moving strong, this is a repeating theme now.
Many Altcoins that were consolidating for weeks are now breaking up, see FETBTC/FETUSDT or see how UNFIUSDT and other pairs shared recently in my profile continue with their advance regardless of what the rest of the market does.

This is a strong signal.

The Altcoins are always weak when the market is set for a long-term correction. The fact that the Altcoins are moving forward, tells us that the market might be doing better than what most people think.

What do you think?
Are we bearish or bullish?

Namaste.