Bitcoin – the greatest manipulation!

24.05.2022 11:45 pm

Hello, everyone!

As I said yesterday the current dump is the greatest fake. The SPX has already formed two bullish reversal setups PPR, today’s candle closed also with the bullish bias despite the bearish start of the trading session. The Bitcoin price closed the CME gap which was formed approximately at $29k.

The whales are playing us during the current trading range. BTC formed two liquidity zones: supply and demand and the price bouncing between them. Next to the supply zone most of traders executed long positions, but after that the rapid dumps force them to close their position and make them scary. All traders afraid of further dump. We can see how most of cryptobloggers are waiting for $20k without any bounce. Yes, I also think that $20k will be reached but only after the bounce.

Let’s take a look at the longs and shorts on the Bitfinex exchange, where there is the largest concentration of institutional traders. Long positions are steadily increasing during this range, while shorts are decreasing. At the demand zone the volume is higher that next to demand zone. What I can conclude from this information? The retail traders afraid to buy, while the whales can easily dump the price to the demand zone where they close their short positions and open longs.

On the local picture the price formed the bullish divergence again, BTC can now easily increase to the supply zone again and this time I suppose that the breakout is going to be.

Good luck!

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