https://www.tradingview.com/s/bitcoin/?sort=recentdyor
btw. chat at tradingview about btc is great place if you trade with brain (=analysis)
chessnut's and danv's at last time are pretty accurate
ofc you can find also bullish at now like always but there's much more premises to go down.
look at btcchina 15m - rising volume with dropping price, clearly distribution.
the guy with 500k$? long at finex is joke. We saw similar spikes right before price went down.
i don't say price will crash today or tomorrow but it's easy to see that this is another bulltrap very likely.
slowly downtrend with many mini bulltraps is what we can see now.
Maybe with final dump. the sooner, the better to go faster up imo.
Right now there's an army people holding btc and holding opened longs and they must believe that we're going higher.
they think that they're in accumulation phase:) because they're always buying when price rose lol.
usually that's the point when distribution is starting:)
If you trade with a brain you won't be frequenting tradingview, whaleclub or any other group for that matter, you'll be reading and studying the market on your own. If those guys were making consistent money they wouldn't need to promote themselves to attract a following. And I can guarantee you those guys already know how to trade, set stops correctly, and read the market as it comes at them allowing them to avoid their own advice if it turns out to be false (which is often, no analyst is perfect). The poor lemmings who listen to them will be stuck in poor positions as the market turns against them, not knowing what to do, so they invariably hold, hoping and wishing (and trolling) that the market will come back to them. Eventually they get emotional and let go at the worst possible time. This is how the market eats newb traders.
Don't bother with 15m analysis. We are in an accumulation phase, at least on the longer term (months). They happen after capitulation at market bottoms. A long term distribution will occur at some point in the future, but not until after a strong bull market. Dec-Feb 2013/14 was the big distribution phase after the 2013 bull market. Accumulation generally takes longer than distribution, and we are nearing the final phases of one now started in January. Either bears get their wish and the market shakes down to $200 again before takeoff, or we blast off upwards through spring and summer. It's anyone's guess at this point. In the event of a shakeout many longs (who have proven to be well-capitalized) would continue to hold and more shorts led by dumb money would be opened, only to run for cover on the reversal. In the event of a blast off, the shorts would still run for cover and many more would be opened above $300 only to be destroyed by a new bull market, which always follows an accumulation phase (of course the dumb money does not know this). This is why there are so many well-funded long positions, probably some professional money there. Shorts are the weak hands in both scenarios.
Personally, with the difficulty the market has had selling of recently, my vote is for the blast off. It'll happen just like every other bubble: Supply is removed from remaining weak hands via capitulation, market fails to continue downward as demand is back in control, and price floats up for a few months before gaining steam into a parabolic move. Then distribution and another bear market as all the weak hands who bought at the top bail again, then accumulation and another bull market. Rinse and repeat.
