Nobody is selling at these levels and why should they? Most of the people involved, at this stage are holding at a loss, since Bitcoin (BTC) price dropped from its recent peak of approx. $20,000. I repeat, they are holding at a loss. So, will they sell at a loss knowing the price is going to bounce back straight up as we have seen over and over again? No. So, what will happen instead? There can be two possibilities:
The majority decides to take a small profit or break even and exit around $14k and then $16k. With these people out of the game, it will be easy for the whales to manipulate the price and it may go down to $3000 as well if such massive selling occurs.
The rise from around $8100 is so bullish that it shoots straight up towards $20k+ with small profit taking along the way. This would mean big players have decided to get involved at this stage without waiting for a drop.
On a sidenote we are also seeing Bullish Cypher, Inverse H&S and Breaking Out of the Wedge, all point to one thing and one thing only: A determined BTC rise to $17k. What happens after that? Your guess is as good as mine. Will people start breaking even, take small profits and exit from the game or will the climb continue? That remains to be seen but for now, we have strong movement in favor of the bulls from here.
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This article is published with some updates and contributed by Fakhan
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