Have you got trapped by recent price bounce in $BTC or still waiting with me for $55K zone?
Today here we will try to explain in easy words why we are expecting this dump while many people are bullish. Here are Five reason why we are bearish:
1. Technical
2. Liquidity
3. Powell Speech
4. MTGOX Repayment
5. Psychology
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First of all we will discuss technical , Liquidity and psychology combine. Chart give a breakout looking Bullish but fir those who look only breakout and breakdown . If look closely then we can see #BTCâ price rejected from $61,700 level 3 times . Maximum chance it dump from here to grab Liquidity from lower levels . $500M+ liquidity present at $56K zone. After breakout many people get trapped but we think we need to wait for 1D to close above 62,800 ( Invalidation Point ) to become Bullish . Untill this happen we are bearish and will wait for these levels :
1. $57,500
2. $55,300 You can use 40% funds on each entry to buy.
Now let's discuss about powell yesterday speech and #MtGoxRepayments . Yesterday Powell Speech make People bullish bcz Powell give rate cut signal in September . According to our point of view whales will trap people on this news. Also MTGOX started repayment to creditors again that can also cause selling pressure .
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Theme of talk : BTC will move downward till $55,300.