Bitcoin is pushing to the liquidity zone of 30.5k, when that point is reached I will close my trades.
The last few months I’m quite surprised with the sentiment of the strategists here at Iconomi. Therefore I’m a bit hesitant to post more frequently or to trade actively. I hardly see original thoughts (right or wrong doesn’t matter!) as many people here are basically recycling bullish metrics they find on Twitter and kicking in open doors. Some even calling it their own “unique” algorithm created by their team of experts. It begs the question whether this platform is still an independent place that used to be way more inspirational or just an extension of the current crypto Twitter mood…
The winner is always right, and the loser wrong. In this case I’m the loser as I stated many times this year that the market is heavily manipulated and can’t go up much further. Despite being wrong as bitcoin pumped to 31k, I still think this is one of the most unhealthy pumps I have seen in the all the years of trading bitcoin. A few big accounts are constantly pushing the price up with perps and dumping spot on retail. This feels for me as pure distribution. I don’t know where it ends but I’m pretty sure that somewhere in the next few months we will have a black swan event and bitcoin will head back to the yearly low of 16.5k. For now I have two alt plays and when break even I will cut them.
There’s quite some spot selling at the moment but Binance is trying to hold the price of Bitcoin up with perps. What will break first? My gut feeling is that Binance is winning this battle for now, although significant liquidity is building around 22k.
Despite all the manipulation at the moment, my LTF view is simple: I’m bearish under 23k but anything above leaves room all the way up to 26k-28k. So far there isn’t much retail interest above 25k while large wallets are heavily selling spot here. Curious to see what tricks the market makers have to push the price higher. FOMC Minutes on Thursday will probably be the catalyst for upside or downside this week.