The End Of The Correction Phase
The End Of The Correction Phase
Market Update By Whaletank.trade
What is next?
We are heading now into $6200 zone. It's strong 1D level and volume level. At this point we have the strongest seller who dumped us at $3200.
Will he repeat the same for now? - No one knows.
Price didn't made a spike like at Bitmex (Strange? Of course.
But this was made to decrease price difference). It's still trading in flat zone. Green square is where we can see big orders. Possible take profits or short accumulation orders.
There is a theory about Bitfinex IEO.
Everyone wants some easy money and will participate in BitFinex IEO (11th of May).
If all coins will not be sold on private sale.
Let's imagine that some amount of coins left.
People buying BTC with premium, giving them to Bitfinex in return of #LEO tokens. Then BitFinex selling all this BTCs to people who think Bull run is here. That's why they have so big premium.
Then some flat consolidation for a few days and dump.
There is a lot of options what will happen. Pump, dump, flat, no one can be sure for 100%.
Look at third pic with market profile.
Green arrows - volume accumulated at the bottom of flat accumulation.
Red arrows - volume accumulated at the top of flat accumulation.
So, every time when we were at $4660-5470 we had volume at the bottom of flat accumulation. Means that there were a room to go up. Now we have such volume at the top.
While people FOMOing - someone is selling all his BTCs.
Also, have you noticed all the red candles for 2-4%?
We think - yes.
Are these candles - shakeouts?
We think - no.
Big player(s) selling via market to make dis balance. They are closing their long positions and dumping price, so people just buying back all these retracements and pushing price higher so they can accumulate short and close the rest of the long position.
Remember the story with the pump from $4150 to $5145 where someone bought thousands of BTC and pumped the price? Of course it's not true. Thank's to the short positions stop losses.
Big players who accumulated at $3370-4000 selling now. He led the price where he/they need and now unloading the packs.
Have you noticed all these divergences on Volume/RSI on small and higher TFs?
Divergence is when a big move preparing.
A little bit of Market Psychology.
Some of you don't need it or don't like it, but trading is mostly a human psychology.
We have strong (important: LOCAL) uptrend.
All those investors who "bought the bottom at 6k" now happy and selling off or holding.
BTC passed $6000 level which is psychological price. Around 80% of chats are longing, and their take profits from $6200 up to $7000 prices.
And now remember your first steps in trading.
When you bought some coin and then it went down, you were praying it to come back to your entry price and you will close trade at breakeven.
And then price went higher and higher and higher and finally you are jumping in and price falling down like the waterfall.
It's only one scheme how to cheat trader and force him to buy at the top, so bigger fish can sell his bags.
The same situation now, and we are close to the end.
Investors (not traders) closing or continue holding their positions from $6000. Those who sold at breakeven now - are FOMOing and ready to buy soon again.
The End vol.1 (for short positions).
Shorts at 32k
Longs at 18,2k
First of all, how this indicator works:
It's not amount of open short/long positions. It's margin trader(s) taking for their positions. So, one big player can accumulate short and we will see shorts high, but it doesn't mean we will have shorts squeeze in case big player will defend his position.
If 80% of people longing when price grows and shorting when it dumps, then who is accumulating such big position and why it's not decreasing on such "parabolic grow"?
Media / The End vol. 2
ToTheMoon everywhere. Pics with 6,5k / 7k / 8k / 10k.
Remember $6000 level: Bakkt, ETF, other bullish news? What we had next?
Yes - $3200 level.
Fidelty and Ethereum ETF, Wall Street is greedy and wants to start trading BTC, NASDAQ launching BTC trading (test-mode). Everywhere bullish news, but no one notice that all this can be a bulltrap like at $6k.
For sure at one day Fidelty will find that it's too early to open OTC trading. Ethereum ETF will be delayed, and so on and so on. Especailly if you read carefully ETH ETF article - there is mentioned that this is Inside info.
Hope you guys could read to the end. Feedbacks are highly appreciated.
And one more:
We are a mid term traders.
Shorting resistance now is logically. We will not risk and long "parabolic" chart (in case we made a failed trade and missed long entry point).
WhaleTank can't react fast (we mean members), but your profit is our interest and when you earn we earn too - we chose mid-term strategy to minimize risks.
No one is insured from flash dump/pump and everyone can be mistaken (like it was with the previous #XBT short trade). Only following risk and money management / skipping emotional trades / making cold calculations you can earn at the market.
We are still expecting dump from 9th of May till 21st of May.