BTC analysis 4 June 2021
Updated
From what we can see from the chart, BTC broke the symmetrical triangle after all this dump to 30 000USD two weeks ago. We can see from the chart on the right that the break out occurred and retested the trendline and bounced up for a confirmation of the breakout. However as soon as the daily chart closed at UTC time, when we have a full confirmation of the breakout on BTC. Elon Musk decided to tweet a simple emoji to manipulate the market and making the market to dump down and denying the break out.
Why does he do that? My view is he is not ready for BTC to break out now. He wants to buy more BTC and accumulate more BTC. This causing the market to panic and people to point finger at him. Risking it all for the price to dump. This is the only incentive that is there for him to pressure the price at the exact time to prevent the break out.
From the technical analysis - we still hold within the triangle and above 35 000USD. We should hold out spot bag as long as we are above 30 000USD on the daily. You might want to reduce the bag when it dumps below 35 000USD. However as long as the price stays above 30 000USD or the price can dump below but quickly go back up as in wicks. We are still bullish in this market.
Why does he do that? My view is he is not ready for BTC to break out now. He wants to buy more BTC and accumulate more BTC. This causing the market to panic and people to point finger at him. Risking it all for the price to dump. This is the only incentive that is there for him to pressure the price at the exact time to prevent the break out.
From the technical analysis - we still hold within the triangle and above 35 000USD. We should hold out spot bag as long as we are above 30 000USD on the daily. You might want to reduce the bag when it dumps below 35 000USD. However as long as the price stays above 30 000USD or the price can dump below but quickly go back up as in wicks. We are still bullish in this market.
Note
The structure broke down. Bearish market.
50% spot bag. Will reduce more below 35 000USD
Support at 30 000USD. This is the critical point everyone is watching.
Manage your risk.
Note
The bullish case has been published in the next analysis.Hold 50% bag in this range.
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