Another +4K BTC that arrived on the exchanges today (not Bullish), and we had only this week +11K, although the price continues to rise I can consider it in bearish divergence with the BTC balance on the exchanges, a lot of BTC will go on sale for a while, and those BTC who will scare the market will be from the old Exchange MT Gox which will arrive massivly on the exchanges or who knows they will be absorbed by the whales or in OTC over the counter and it won't hurt the price!
On BTC buyers are starting to get weak on the key level of:
- The resistance at $21550 which has rejected the price three times.
- The 50% fib.
- THE MA 62 in blue.
The large green candle on Friday is a bullish signal in the short term Daily, but we are still bearish in the medium term Weekly, I think we can have a hunt for stops of the Longs between 20.5K and 20K to make a pull back and test the support area recently as resistance.
The rise on BTC can continue but I think we will first have a Long squeeze towards 20.5K to 20K or push even higher without a long squeeze! Unless the macro news improves with the drop in inflation, the dollar and oil, especially inflation to watch, which for the moment seems to be driving the majority of the news which is priced in advance.
The area between 20K to 20.5K is the area with the large Long liquidation peaks in the south, it is possible that we will first liquidate the Long before continuing the rise!
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