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A couple of weeks ago when Bitcoin appeared to have Resumed the Bullish Run, I warned in an earlier post of the possibility of the Sudden Bid in Bitcoin and the Crypto markets being an inducement by institutional players to Lure in Impatient and Unsuspecting Traders.
At the time bitcoin appeared to be making a recovery, having surmounted the 95,000 handle. Nevertheless, it was clear the pair from the charts that there was very huge liquidity pool resting at the 80,000 Region . This was just too attractive for the Institutional players to ignore.
Consequently the price of Bitcoin careened towards the 98,000, handle and Turned Down sharply Liquidating lots of weak positions as expected.
The tell tale signs however, were there as Bitcoin price was capped by key moving Averages on the Daily and four hour time frames. A hint any trader worth their weight in gold would never have missed.
Currently the Crypto pair hovers around the 69,000 handle having found bid at the 60,000 handle which corresponds to the lower end of a weekly order Block.. That being said , we may not be ready yet for the Long Awaited rally and price of Bitcoin May eventually Drop as far as 50k handle hence any rally before this Objective is met I'll treat as a Dead Cat bounce that needs to be confirmed before going Long on the Coin.
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