WHERE IS BITCOIN PRICE GOING?

Im always honest on my articles, doesnt matter if I blew an account or make some sick gains, this time I really dont know where is this all going so Im trying to see this from both perspective and for now Im just zooming in and out of the micro/macro perspective to get a good angle of where is this pump going, for me this is still more bearish than bullish, every single person on twitter is looking for the $16k prediction from a guy on 4chan but who knows if that would really happen, for what I know this could only be a squeeze to rekt all the massive amount of traders shorting under $7500, that was crazy; after a 40%+ cut on the price. I said before that I was expecting this bart around the $7800ish but didnt happen, a bull trap was set and price drop back down deeper.

After bouncing very close to the 0.618 FIB Retrace, Bitcoin price pumps massively just after president of China make an announcement, that he wants China to be a leader on blockchain technology that current systems were not enough anymore; right after this searches for Bitcoin on Wechat skyrocket, nobody can tell if this was the main reason for the pump but even this is something I always talk about, I dont read charts based on news, for me news are irrelevant, it is true that this may have an impact but from a Technical Analysis perspective a bounce/squeeze was due and about time to happen this was very likely, Edward Snowden took care of putting the cherry on top of the pump posting the smug face meme the day Bitcoin pump so he may have some, there are people say he is the guy on 4chan but who knows.

Lets get into the charts (British accent)

Price broke out of the possible bear flag and went parabolic to the point of the third highest pump in Bitcoin history, over 40% in less than 24 hours as we can see on the daily chart, after bouncing from just beneith the 0.618 target on the FIB then we have this parabolic move that took Bitcoin price to over $10,400.00 but then we start to see this massive wicks, 10% drop wicks then volume starts decreasing and next candles are moving slower and also are smaller.

For me this is a bearish indicative from a macro perspective, as I draw this descending wedge, descending wedge most of the time bounce back at a certain point, when we go deeper into other charts like the 4 hour

Then we have Bitcoin trading under a bullish scenario that could be a bullish micro trend, trading over $9k that was my second bullish target and making this bull flag patterns

BULLISH THEORY:
The question is for how long? how much fuel is left on the tank and the message from the market was clear and loud when Bitcoin hit $10,400, back down 10% right away without any hesitation, yes my first two bullish targets were $8400 and $9100 both confirm at this point, I will keep an eye on Bitcoin since on the 4 hr and the 1 hr the 21 EMA is starting to ride the 50 EMA that's usually when Bitcoin becomes bullish so I'm preparing to take a long position if this continues, may take a risk and start this position before confirmation on the 1 Day chart becomes reality but with a tight stop, in my opinion finall confirmation will be Bitcoin trading sideways with similar volume cant be less and hit $12k that would be exactly the time when the 21 rides the 50 on the one daily chart.

BEARISH THEORY: Bitcoin starts loosing volume, drops under $9100 and we get another dead cross on the 4 Hour chart taking Bitcoin under $8400 and that would take us to the conclusion this was all a trap, if Bitcoin shows weakness in volume and goes under $9100 I may take a short position.

Conclusion based on present event, meaning pump; I think there is a possible long position opportunity to $12k, what I would like to see is $9100 becoming new support as it was the bottom of the descending triangle just play out and then start to break all tops or now resistance points in the descending triangle, we may trade sideways for a few days, we are not oversold yet and the MACD just started to look bullish, I wont take this long position today or probably tomorrow since I need more data about this, pumps like this are not predictable at all but I did mention before that a bart move was missing, seems there was a delay and it just happen, now we need to sit and wait where this will go since right now at the moment of this post I havent take a decision.

If you like the content please click on the first banner at the start of the article that helps or you can upvote this post at https://steemit.me

Good Luck, Thanks

If you would like to make a donation to help the site grow and keep it rolling, feel free at any of this wallets

BITCOIN: 1DTk43ycprv5KKN5NKoqxjcUtLXkq7bKH2
LITECOIN: LiY3YyV8xWGh2h8EM9hVeF5pBhamsE9jMY
ETHEREUM: 0xd09e47A64c81aca28cf639FaD1EA428Be4fB6F2E
TRON: TEh2KR6rsa3p81SvbVspSfuEXfoBzTWxZQ
BAT: 0xd09e47A64c81aca28cf639FaD1EA428Be4fB6F2E
...

.

.

DISCLAIMER: The information Cryptoxicate.com or its media channels not limited to Twitter, Telegram, Discord, Instagram, Facebook, or any upgcomming social media platform or internet search engine results is not financial advice. This information is for informational and entertainment purposes only. Any information provided are only and simple thoughts and opinions, you must not follow any of this thoughts and look for a profesional financial advisor since we are not any type of advisors. Dont not get into crypto currencies since its a high risk investment if you do not have the proper guidance and any investment that you made is your own responsability and no one else.