I have to check my bias but keep feeling like markup is due in Bitcoin markets. If the ATH was shakeout, and it looks more so with each passing day, we’re in for new all-time highs. So how long until the breakout? How far could it go?
TA reminding us to pay attention to that post-ATH down. If this is a bull market, that type of move can be followed by a larger move up. This is just normal market making for periods of accumulation. Massive hands are not sensitive to local price movement in the same way and regularly employ such tactics to buff weak holders and maintain lower supply averages.
This is nothing new or unique to Bitcoin, but it’s also important to note that books are very thin right now. The higher we go, the thinner they get, especially from here. It doesn’t help when you’re adding zeros and printing all-time extreme range, like Bitcoin is. We’re losing established levels all together. We’re about to trade into the great wide open of the unknown… again. This could easily result in increased daily ranges.
So what does it all mean for price?
All is not as it seems. Hold those coins extra close at night folks, volatility is on the horizon. Traders may be in for one hell of a storm and I hope you’re all sufficiently supplied by now. It’s getting late for the big move Bitcoin bulls have been dreaming of since it all began. Buckle up, this could be one for the ages – but don’t expect it to come easy. There will be blood. There always is.
The market is cornered here though. We’re going to discover if the biggest hands in the world are buying or dumping ATH’s, which is a big damned, market moving deal. If TA is to be believed, we are due exactly one massive breakout on thin books.
Will Bitcoin deliver as advertised?
Unless we’re reversing that 2015 trend, which would be a big surprise at this point, the bill for the stop run will come due. We’ve now broke all sorts of 2015 upside channel resistance and seem to be finding no supply at the top of the range. We’ve grinded back up to 2013 ATH’s and appear to be building a new level of support way up here in previously forsaken, 2013 extension land.
The market advertised repricing with those new ATH’s. Question is, was that effort to reprice 3+ years of substantiating data? Were speculators that close back in 2013? I certainly don’t know, but if a repricing thrust is forthcoming, the upside could be breathtaking under current market conditions.
The downside isn’t as bad but we could catch some negative ETF news. It’s a long ways down to put a dent in bullish inflection so could be ripe for more shakeout. We’ll see our appetite for new ATH’s soon enough – there’s nowhere left to hide. We’re going to see big hands. That should be a huge tell on current Bitcoin demand in smart money circles.
In the end…
Considering I was selling the 2013 ATH retest, can’t recall a time I was more bullish on Bitcoin. We’ve come a long way. Take what I say with a grain of salt but if nothing else, understand the gravity of the decision here, up or down. For as pivotal and dangerous a zone as this, it sure looks all quiet on the front.
This is where the big boys come out so be prepared for shockers and jaw droppers. Time to call in on the ATH’s, whose ready for some savage markup?
By the way, I’ve been posting a ton of Bitcoin on my Twitter lately. Tune in there for scorching hawt btc taeks as they happen.