Bulls Running out of Steam – Bears Might Soon Take Over!

Back at Bitcoin, everything looks a little too good to be true.

We’ve had an enormous amount of positive news this week, and a lot of it was rather questionable, like Yahoo Finance allowing the trading of some major crypto currencies which wasn’t really the case, later that news got corrected that it could only be traded on their app.

Or the news that CBOE will soon launch Ethereum futures, I investigated this, and it was no more than a rumor, news outlets like CoinTelegraph, and CCN reported it as fact instead.

There were dozens more of those good news stories, and one should seriously wonder how much truth there is in those.

Could this news be published by the ones that control, and manipulate the market? The so-called large whales?

You can get any news published on those outlets as long as you open your wallet, and seeing how large a finger in the pie the CoinTelegraph Media Group has, check it here yourself, I wouldn’t be surprised if this whole group belongs to the same people that manipulate the market.

Why would they do that?

To offload as many bitcoin as possible when everyone is bullish, and crash the price even deeper then ever before.

Let’s take a look at the charts, we already know the RSI at the daily peaked at 63 for BTC, but we’re going to look at the weekly, and monthly chart instead to see where we are really heading.

As you can see here, we’ve hardly touched the bottom BOLL band, only wicks briefly touched it a few times.

The bottom BOLL band is currently a little above $5200. It would make complete sense to hit that with a full candle, no half work so to say.

When you zoom out at the monthly chart you’ll see something even more interesting there:

Now draw a full Fibonacci layover all the way from the start $0 to the end $20k, and you’ll see that we’re below the 38.2% FIB level, been trying to break above it for four months in a row now, and it never succeeded, or better said never lasted.

Which makes it even more likely that we’re going to hit the FIB level below it at $4750.

There’s something else that isn’t even visible on TradingView but only on Binance.

The previous trading action follow that rather precisely.

As you can see we’ve been below the mid BOLL band for a long time already.

That pink line is the EMA-200, which doesn’t even exist on the monthly chart at TradingView, no surprise as 200 stands for 200 candlesticks while we only count 14 candlesticks.

This ‘supposed’ EMA-200 is at $5150 round right now, only a tiny bit below the $5200 at the first chart / bottom BOLL band at the weekly.

Now I undertand that all of this is a lot of speculation, but you can’t ignore the fact they’ve been working very hard to spread as much positive news as possible, turning rumors into facts, and they don’t do that to benefit us, they want to make money, not give it away.

How about the following scenario?

Push the price to $5200, pause a little, crash a little deeper to $5150, move up a little again, thinking we’ve hit the bottom, and then BOOM, we dive to $4800.

Literally forcing everyone to panic sell as the news stories that we are going to hit $3500, $3000, $1000 will blow out of proportions of course, to force even more people to sell.

And then, we are going up, all the way to $10,000, leaving all of those weak hands behind.

What happens after that I leave untouched for now, but when it happens it won’t be the last time we hit $5000.

Would love to hear from you in the comments, or join our live discussion at Discord.

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