The market continued its bearish momentum and once again dipped beyond the $6000 level as i mentioned before in my previous article. As we continue lower, analysts in the Crypto community start to shout-out prices for Bitcoin ranging from $3000 to $5000. Should we listen to them?
If we look at the Bitcoin’s long chart we can see that more and more positions are starting to stack, thus creating an opportunity for exchanges to manipulate the price in their favour.
Even though the price dipped for almost $300, it didn’t stop all the long positions like they were supposed to. In fact, long positions are stacking even more. What we are going to see, if we look at recent patterns and events, most probably a further dip into the $5500 levels. This will make everybody think that i will go lower, and guess what? Shorts will come into play.
Shorts are slowly beginning to stack, waiting for the next bearish move. It wouldn’t surprise me for some bad news to get released and help spread the FUD through the market, making it dip even lower.
Where are the big orders sitting at?
Well, expert analysts say that big orders blocks are sitting somewhere around $5000 – $4000 levels. That’s where i set my orders. The market still has a bearish sentiment, so it leads me to believe that in the long-term, we could reach those levels.
For the moment the market could go either way, we are still in a unregulated space that is easily manipulated by exchanges in their favour. My recommendation to you guys, is to always follow the money.