I will write an opinion adiditonally regarding this situation. My opinion is that traders are aware of retracement (long expected, prolonged, but inevitable). No matter how long price is being pushed, it certanly cost money to maintain it. Traders, someone is waiting for you to " join and participate in rebounce". Be careful about one thing:
Don't drive this "suckers rally" too long, othewise, you will certanly end up trapped. We are still berish. Bearish with reason, not because "we decided to be because it's fits with our plans and wishful thinking"
Since price is being pushed and " placed" to 8800, that would be rebuy and possible lowest rebuy would be at 8400.
With "smart money" and fresh investments, we could expect third attempt of breaking 11250 trendline (as previously failed to breach two times). Honestly spoken, we had on previous movement triple top (bearish sign), but, since wall is easily spoofed in 4th attempt of breaking, i do belive that after rebounce and REAL MONEY that third attempt of breaking be succesfull. Or maybe the next one, but we should have rebounce if we "experience price reversal" having in mind that on 4h price chart we already had strong bullish divergence and nothing happened (speaking of breaking upper trendline) which ended up failing.
Speaking about altcoins, they will be affected as well.
If this analysis works fine, whole market will retrace for 20%.
@milanjelic , what happened today is surprising for me I shorted when btc was 10800 and the logical move was a retrace to around 10k instead btc jumped to 11250 this is weird and if you have a technical explanation why it happens I’ll appreciate if you can share :)
mightytrader
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@bilalabes, Whales are playing games with us; bouncing price up and down. Best is not to trade it and wait it out. They are also sucking all the money out of the altcoins to pump it. But will BTC go to 12K? Probably but I can't say when.