Bitcoin – the most fake dump I’ve ever seen

24.05.2022 12:21 am

Hello, everyone!

The Bitcoin continues it’s annoying consolidation between $29k and $30k. To be honest even me tired of waiting for my target at $35k, but the arrogant whales want to kick us off this big play. Two days ago I made analysis where pointed out that the large players are accumulating long position and close shorts. This range is necessary for their purpose.

Why this local dump is fake? Ok, first of all let’s take a look at the Bitcoin 1h chart. Here we can see the textbook accumulation. Earlier I drew it in the different way, but today I found the proper chart. We can see the huge dump to $26k and the immediate bounce to $31k. The further range was formed not from $26k, but from $29k. It means that BTC is in reaccumulation phase. Now it is in the very important point which can be interpret as the last point of support before the mark up phase.

The most important evidence that this dump is fake is two bullish PPR setups (reversal) on the SP&500, look at the chart below. Such setup usually lead the price to the 0.618 Fibonacci retracement at least. The bounce on the SPX lead the Bitcoin to the $35k easily.

Moreover if we take a look at the another one chart below, we can see that the DXY started the correction. The uptrend is very strong here, as a result I am waiting for the correction to 0.38 Fibonacci before the last upside impulse.

Good luck!

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