Breakout or fakeout?

Goys of Veeky Forums what do you think, is this a breakout or a fakeout? Overall trend still seem to be downward but long term movement using moving averages in the monthly and weekly tell us the worst is already behind us. What do you guys think? Are we in the clear or is this is a bulltrap by whales waiting to dump their bags on unsuspecting tards who bought at the top or those who FOMO'd in?

It hss consistently been repelled at the 11.5k mark. Seems someone or a group of people is dumping around this area whenever prices reach this point. Screams manipulation to me but we'll just have to wait and see if this breaks through.

Shit's fake. Gonna drop soon and good luck to all the bag holders.

Obvious bogout.

>Normies pump to 11.5K
>Whales cash out
>Normies pump to 11.5k
>Whales cash out
>Normies pump to 11.5k
>Whales just cashed out again

Lol how many times are you buying the same shit.

I think it will go up. After 2 months of constant drop people just want to fomo.

It has been growing for a month now (without a reason). You are being emotional.

If it is a fake then it's a bear trap

volume is nonexistent
feels like whales desperately try to save it from dumping and create a new hype so normans will fomo again
thats the only hope, otherwise it's going down

So it's gonna go down then? Just how low do you think this is gonna go?

Huge head and shoulders pattern, prepare for bullrun to 17k.

I used to think its whales defending their positions but lets be honest , btc whales do not trade, most btc whales are so scared of touching their coins that they did not even more then to sell their bitcoin cash.

So I guess its the exchanges moving the market.
If we have days ( like today, pic related 4hr candles) with very low volatility, the big losers will be the exchanges as they will collect less fees and people will lose interest over time. Thats why we see huge coordinated pumps out of nowhere

Forgot pic

>without a reason

Congress hearing saved crypto. I bought that day and made 30%.

>I guess its the exchanges moving the market.
The more and more I read about the Tether and Bitfinex connection, the more and more this is likely. I mean wasn't Coinbase just sued for insider trading just now?

There are so called market makers, you definitely see them all the time. They put huge buy and sell orders around the current price. Technically, they're quite capable of manipulating the markets since their stacks are huge. But they also profit regardless of the market direction, so they will win in any case.

>The more and more I read about the Tether and Bitfinex connection, the more and more this is likely. I mean wasn't Coinbase just sued for insider trading just now?
Yea, and US officials are investigating tether right now. It basically allows people to avoid taxes, its gonna be fucking shut down any moment. The exchanges are pumping the price up now to make normies buy the expensive shit before the whole market crashes down.

>So it's gonna go down then?
if morons suddenly fomo in after 12k then it's not going down until they get dumped on higher

by whales i meant exchanges too
probably miners are behind this too since their existence depends on btc hype

>Congress hearing saved crypto. I bought that day and made 30%.
thats like poorest excuse i ever heard
it bounced because it was way oversold
market really doesn't give a slightest fuck about events like this
its people who use them as excuse and rationalize their actions

corrective waves aren't 5 waves, they're composed of 3 waves
the 1st and 3rd waves are composed of 5 smaller waves, while the 2nd wave is composed of 3 smaller waves
right now we are in the 2nd wave of the correction

similar activity happened at 9k
volume is low because people are waiting for a breakout

>waiting for a breakout
you mean they wait for someone else to buy through resistance, because they don't want to do it themselves, because they don't think price is good enough

W A S H
.
T
R
A
D
I
N
G

Ome flaw in your analysis is you're assuming this is a corrective wave when it's a clear new downtrend since last January

>market really doesn't give a slightest fuck about events like this

Market reacts to a slightest rumour you mongol.

in that case this growth might be corrective 3 waves?

I think minimum is 10.2K, but it might go down hard if the selloff is agressive.

Why do E Wave theorist always move their wave counts as the chart unravels?
Is there any more bullshit TA out there?

Maybe. I mean you can pretty much tell from OPs post in points C and D.

It's not normies pumping it are you retarded?
Have you not seen the bot action on GDAX and Bitstamp?

no, retards like you react to slightest rumors
there were enough insiders who knew this hearing wouldn't do any harm to crypto
shit, even if you weren't insider and had half a brain it was never implied they were going to ban it, so people actually started buying at 8k before it even got to 6k
whales just played uncertain morons who believe in slightest rumors to push it a bit more down before closing their shorts (hence the big bounce, not because muh hearing)

Whar are you talking about? This has long been prophecied before I even drew my own meme lines. I simply compressed the chart you mong.

>Whales just cashed out again
blackmanquestionmark.jpg

pretty much
no one wants to be the poor sap who gets dumped on

after 5 waves in a downtrend we would be due for a larger upward corrective wave anyway

yes
6k - 11.7k was wave 1
11.7k - 9.3k was wave 2
wave 3 should go to at least 13k

The original Oracle. That has got to be the most accurate prediction so far.

I made 30% off it while you were smart. Stay mad.

So... put buys at 7k?
And wait... forever?
>hint: it's not going to happen

oooh look at mister big money here
ok genius explain then why you bought the bottom during chinese ban in september
oh wait you didn't because there were no cryptosaving news
and you know why i bought it? because it was oversold and general market sentiment was bullish
because as i said earlier long term market doesn't give a fuck about small events and media noise

I really hope someone buys my bags when btc hits 50k then I can retire

11.5k do I long... or short
Long wise the 4hr looks good to me but my gut says short but honestly we very well could test the previous ATH tonight of 11.8 or w/e it says

I have an open long position.
Did you think bears were going to sit on their asses and look at BTC rise for 2 months before it crashes to 4k? If we're in a new uptrend, that's fine with me too.

>crashes to 4k
Don't hold your breath

What we have here gentlemen is a potential double top scenario.

This resistance is consistently denying the breakout needed. If this fails through then this was nothing more than a fakeout. Tough luck for the bag holders tho.

Tether or into alts? Thanks.

Clear resistance at 11.5k. If it fails and goes down from here then a fakeout and resumption of the downtrend? Only time will tell.

There's line tools you don't have to use mspaint

...

Here we go again. Give bitcoin your energy.

>implying whales have infinite number of bitcoin to dump.

Whales unironically buy bitcoin from normies and then resell it to other normies. There's a curious and very complex mechanism of how they do it. But in the end, the whales (manipulative, not bagholding ones) don't give a shit if the price goes down.