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Bitcoin (BTC) recently tried to retry the previous low, but it has not been reached yet. The price has slightly stabilized above the previous low and should consolidate before the outbreak of the crisis. It is relevant to note that this triangle could break anyway, but considering that we had a significant correction and that there is a bullish divergence on the RSI, the probability of a break up is higher. The 4H chart for BTC / USD shows that the price has been traded in a series of triangles throughout its fall. Just before the 25thth In November, Bitcoin (BTC) traded in a triangle that broke below to enter an even bigger triangle. It is entirely possible that the same thing will happen again in the short term.
Over the past few days, we have seen a return of bullish volume in the market, but it remains insignificant compared to bearish pressure. Until now, whales have let their momentum go, but at decisive moments like this, they will probably benefit from it. Just like the manipulation before the big fall that everyone has told with Tether rumors, it is likely that we would see a similar situation here, a situation that could trap bears instead of bulls this time. The most likely scenario will be a quick break below the triangle, which will lead to stops on Longs and the coming of new shorts. Then, when the bears become too confident, the whales will raise their prices to reach their decisive goals. In this way, the price will make a quick turnaround which, for the most part, will bring a return of interest in the market.
The current situation in the market is that the bears have become too confident. These last days made them believe that they were smart enough and that they could time the markets. Just as it was not surprising to see people calling $ 100,000 or more at around $ 18,000, it's not surprising to see people making $ 1,000 calls from here. However, the fact is that people who made such ridiculous calls did not do very well at the time and will not do very well now. If we look at the weekly chart of the BTC / USD, we can see that there is still hope, with last week's weekly candle closing above the trend line of the past four years, even though was below.
Most retail bulls have a problem and this problem is that of weak hands. They go out when they should keep their coins and stay on the market. If they can go home without paying more to buy, it's a good decision, but most of the time, this is not the case. On the other hand, retailers who consider themselves more intelligent than bulls also have an emotional problem and this problem is an overconfidence. Most of them feel too confident when they see weak bulls running away. They do not realize that among all the weak bulls that run away and that the strong bears are rushing, greedy whales are waiting to kill everything that happens to them.
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