US government scared traders, but investors aren't afraid
Aktualisiert
Hello,
The US government moved 10K #bitcoin worth $963 million to Coinbase, which can fuel bearish pressure, but the market seems strong. I copied a relevant tweet into the chart. When Bitcoin inflow to exchanges goes up, the price usually goes down. It happened now. That's why the last five 4-hour candles print a bearish pattern. However, the market, according to the MACD, is still in a bullish trend. According to the Fear and Greed index, investors aren't afraid and most likely will exploit the bearish candle pattern to buy more in the bullish trend as the long position on the chart shows. The government's selling pressure will meet with investors' buying appetite. However, as long as the market remains this greedy, I don't see Bitcoin making new ATH. 99.8k might stay as a local top in the near future. So, in the upcoming week, I expect consolidation to unfold between the two white levels, 94.5k and 98.7k, in a price range marked by the white arrow, enabling large-cap altcoins to outperform Bitcoin according to the Large Caps phase of the Crypto Money Flow Cycle. The session volume profile further contributes to the idea of consolidation because there's much trading going on between the two white levels. The high volume above 94.5k is attractive to both buyers and sellers. That's why I believe the consolidation will unfold in this price zone.
Regards,
Ely
The US government moved 10K #bitcoin worth $963 million to Coinbase, which can fuel bearish pressure, but the market seems strong. I copied a relevant tweet into the chart. When Bitcoin inflow to exchanges goes up, the price usually goes down. It happened now. That's why the last five 4-hour candles print a bearish pattern. However, the market, according to the MACD, is still in a bullish trend. According to the Fear and Greed index, investors aren't afraid and most likely will exploit the bearish candle pattern to buy more in the bullish trend as the long position on the chart shows. The government's selling pressure will meet with investors' buying appetite. However, as long as the market remains this greedy, I don't see Bitcoin making new ATH. 99.8k might stay as a local top in the near future. So, in the upcoming week, I expect consolidation to unfold between the two white levels, 94.5k and 98.7k, in a price range marked by the white arrow, enabling large-cap altcoins to outperform Bitcoin according to the Large Caps phase of the Crypto Money Flow Cycle. The session volume profile further contributes to the idea of consolidation because there's much trading going on between the two white levels. The high volume above 94.5k is attractive to both buyers and sellers. That's why I believe the consolidation will unfold in this price zone.
Regards,
Ely
Anmerkung
I think that we're entering the large caps phase of the Crypto Money Flow Cycle, which usually aligns with Bitcoin consolidation.
Trade ist aktiv
Bitcoin is staying in the price range: $94300-$98800.Trade geschlossen: Ziel wurde erreicht
Target Price, $98800, Hit.Anmerkung
All Target Prices are hit. The idea's complete.
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