Yesterday bitcoin made an stoploss hunting and during the yesterday's spike whales bought a big volume. I expected bitcoin to break the local downtrend then continuing the uprise to 45 but that didn't happen. Why? Few minutes after the reversal and when price was moving from 39900 to 40200_40400 market faced a massive sell pressure. I think the guys who bought below 40K sold 30_40% of their positions to short positions which were stopped or liquidated. Then when price was moving toward 42 at every up big sell volume appeared and when price reached 42600 massive volume appeared at high again. I believe all bitcoins had been bought below 40K were sold again. They were sold to people who were buying for 45K target and short positions were being liquidated.
All in all bitcoin is weak and it may drop again suddenly but nothing is clear at the moment.
Good luck
All in all bitcoin is weak and it may drop again suddenly but nothing is clear at the moment.
Good luck
