Cryptocurrency/Bitcoin Market Analysis 7/30
Not much to say tonight. We broke up, and are now testing some resistance. This move upwards doesn’t seem over, we broke a trendline but we also have volume fading away. Market shows that heavy shorts won the trades tonight — so all the warnings I normally have are likely still there. We will see what happens tomorrow, but short term tidings are not good.
This is a perfectly forecast short term rejection that happened. We moved up, bears came out pretty hard, and then took shorts and exited on the dip. For anyone doing the math, that’s a 4ish percent move in a couple hours. If they went nuts, that could be 4x account but depends on the person. That’s a short term play, though.
So let’s look bigger, 4h charts. I think people are about to get played, hard. At least for BTC. This looks like a short play is in progress, and yet they could either (drop the shorts and fakeout) or they could win that rate. Time will tell. It’s not aggressive enough for retail to actually have a liquidation fest on this yet. It looks like retail is scared and shorting, and somehow won the bottom on the long. Time will tell.