The whales have swallowed huge amount of coins during the formation of the 8400 local bottom. It is very likely they will push it higher to dump their bags.
The pump may stop before the resistance around 9700. This is a short-term bullish scenario.
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Whales are really determined to pump the price. Now I think we are very likely heading to 10k+.
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Just saw a failed breakout. Seems our whales have strong competitors shorting it. Be careful.
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The selling pressure from 9700 and above (red resistance line on the chart) is still very high. We may see a retracement coming. It is very dangerous longing it at the moment.
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They managed to pump it to 9800. The market makers showed their financial strength and performed sophisticated market manipulation. If they can make it to 10k, the double bottom will be officially formed and many traders/investors may come back to the market. Then we will enter the step 4 again and start a new cycle.
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This looks like p&d. But if you didn't move to fiat fast enough before the dump, I suggest you hold it for a while. They may do it intentionally to preparing for the 10k pump.
@Callmepope I'm sorry, but what is Step 4 from your last comment?
Callmepope
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@nakov, they start pumping the price, releasing good news, and trying to trigger people FOMO buying in. So we might see a bullrun soon if BTC can stay above 10k.
slmillard
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Need to give credit where credit is due. Your TA helped me pull in a small profit again today even with my health so bad I couldn't sit in front of the computer for more than 10 minutes. Thank you pope!
Callmepope
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@slmillard, thanks! Glad it helps :) Wish you speedy recovery!
slmillard
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@Callmepope, Pulled another small profit off a short last night thanks to your TA.
Much appreciated but it's not a recovery type situation. I was looking at crypto trading as away to bring in some income since I can't leave the house much these days. I understand any gain/loss or decisions are solely up to me. Your TA gives me a 2nd opinion and it's been very valuable.
Callmepope
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@slmillard, Good for you. I won't take credit for you gains as I won't take responsibility for your loss (I hope there isn't any now or in the future). You did better than me :) I wasn't brave enough to short it until see that happen. Haha
nakov
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"Comment: Just saw a failed breakout. Seems our whales have strong competitors shorting it. Be careful."
...or the whales are doing it themselves. Pushing price slowly up in short cycles luring people to buy seeing the support and the price action getting steam upwards. Then selling on the top. Quick buck for whales from the price difference buying at the low end of the cycle, selling at the high end of the cycle. Rinse, repeat. 1 cycle takes 1-2 hours. It is really sad as I have seen this pattern a few years ago on Poloniex with newish hyped coins. It is like a Ferris wheel, down there - come in, all aboard; up there - selloff (not that big so price doesn't fall below short-term temporary support).
I could not believe it they could pull it off on such a big scale - on Bitcoin. You have to have control over the coin supply to be able to do that!
Talking about Bitfinex. Unreal.
slmillard
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@nakov, I see the same. That's what attracted me to callmepope's TA in the first place. Most others kept saying just wait it's going up as BTC kept dropping lower. I understand TAs change but this looks like the same pattern to me. Bull traps pulling average buyers back in with high hopes of a reversal then back down.
nakov
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@slmillard, it is a micro pattern within the rally. After each micro selloff, there is some time of no action at all. Ultra low volume. Energy of regular buyers has been sucked and sold onto. At once around 22:50 (10:50PM) GMT after the selloff it was at a standstill. Then little by little new buyers jump on and the "device" starts rolling again. I call it the Ferris wheel. Price may crash like a rock any time. Or it can go up at rocket speed pushed by the whales. Nobody really knows. Left at the mercy of whales. Totally unpredictable.
P.S. Funny how it's rolling around 9550 support/resistance (MA20) like it's nothing. It is indeed, if the whales decide so. It seems bots have been set to pick it up from 9430. Selloff at 9680-9700. Bitfinex. Other exchanges follow like puppies. Go figure.
Callmepope
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@nakov, Yes you are right. They are taking profits and controlling the price now. The volume is high but the price barely moves. By the way, I saw whales put a 120 btc fake buy wall there trying to lure retail buyers push price to 9700+. And then the whole buy wall was eaten by someone else in one bite. It's hard for whales to pump the price higher if people are all ready to dump on their heads. I think they will keep the cycle until it is unsustainable. The price will be more likely to go lower if we have no good news coming.