Bitcoin (BTC) was shortly after mine yesterday’s stream completely absurd price action. Normally we would focus on altcoins, but I consider it important, so I would like to devote at least a short text. A similar development is not normal at all and someone has purposefully liquidated both sides of the market. Or there was a big one-off sale, which may have been pulled by another player. Be that as it may, nothing like this has happened for a long time.
Current situation at 4H BTC / USD
I would dare to mark yesterday’s drop as flash crash, but for such a smaller one. I’ve experienced much, much bigger crashes. However, the point is that we have not experienced anything similar in the BTC market for a long time. Bitcoin attacked the top wall of the drawn pattern last night, and as soon as the close 4H candle came, the market fell in an instant.
Created lower low, so the course broke our monitored support. But the drop suddenly stopped out of nowhere and the pump began to go up. Thanks to the growth, all losses were cleared in a short time. The price went back above support and finally closed the 4H candle like a Pin bar with a very long wick. It immediately occurred to me that they had swept Bitcoin down, now they will sweep up.
And there really was an attempt. There was an apparent break from the falling wedge, but there was a quick turnaround. The course stopped for support followed by a minor rebound up. Then down again. Bitcoin is now rebounding from support. The described price development is really grotesque and I think it is safest to watch it from a distance.
These rinses remind me again of 2018. Both sides of the market swept away and then came a mega dump. This is not to say that it will actually happen. I don’t see the future. But reckon with the fact that such malice may happen, even if it doesn’t make sense. Anyway, someone is playing with BTC, which is not good. Bitcoin has not been able to reliably continue to new historical highs, so there is a real possibility that we will test $ 30,000 again. But I would take it as an opportunity.
In conclusion
My subjective feeling is currently negative from the market. Unfortunately, the price development on the intraday charts can no longer be trusted at all. That’s why it seems most reasonable to wait for a weekly and monthly close. This should be relevant for us now, because no one can just play with high time frames. So be careful not to get caught.
ATTENTION: No data in the article is an investment board. The analysis does not try to predict future price developments. It serves exclusively as an educational text on how to approach the market mentally. Before you invest, do your own research and analysis, you always trade only at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
–
