BTC is moving in the upward channel. Now there is so much excitement about the possible breakout of this channel subsequently to fall of price, but I want to say something:
A huge volume was accumulated from 5 to 7 thousand dollars for Bitcoin. I’m not sure that the necessary volume has been collected, so you can expect some downward movement in way of intimidation, etc.
At the current price and above the big players are leading you into a trap. Okay, what's causing the growth for Bitcoin now? It's due to intraday trading and liquidation of the positions of traders.
If you look at the yesterday statistic when it'd made a move from $7100 to $7600, there liquidated $ 7 million only on the Bitmex exchange. It was nothing compared with falling to $3600 when there were eliminated by $3-4 billion.
Therefore, the bears were the fuel for the growth during the recovery of Bitcoin from $3600. I cannot exclude such a scenario where it will reach $8000-8200. After that, there will be a partial fixation of the bullish positions that were collected from $5000.
For now, we also near a fixation zone, look at this chart.
Concerning the current situation, most likely there will be different intimidations to get the appropriate amount of positions, and finally, we will go down. It would be logical, but we broke through the resistance level where you should fix your positions because, after that, we can reach the level of 61.8 Fibonacci.
Be careful with your positions, especially with your sell positions at the bullish traps. Follow risk management.
Best regards EXCAVO
A huge volume was accumulated from 5 to 7 thousand dollars for Bitcoin. I’m not sure that the necessary volume has been collected, so you can expect some downward movement in way of intimidation, etc.
At the current price and above the big players are leading you into a trap. Okay, what's causing the growth for Bitcoin now? It's due to intraday trading and liquidation of the positions of traders.
If you look at the yesterday statistic when it'd made a move from $7100 to $7600, there liquidated $ 7 million only on the Bitmex exchange. It was nothing compared with falling to $3600 when there were eliminated by $3-4 billion.
Therefore, the bears were the fuel for the growth during the recovery of Bitcoin from $3600. I cannot exclude such a scenario where it will reach $8000-8200. After that, there will be a partial fixation of the bullish positions that were collected from $5000.
For now, we also near a fixation zone, look at this chart.
Concerning the current situation, most likely there will be different intimidations to get the appropriate amount of positions, and finally, we will go down. It would be logical, but we broke through the resistance level where you should fix your positions because, after that, we can reach the level of 61.8 Fibonacci.
Be careful with your positions, especially with your sell positions at the bullish traps. Follow risk management.
Best regards EXCAVO
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