BTC cycles, possibly going South to 6900
Bitcoin / Dollar BITFINEX:BTCUSD
First chart so don't shoot me plz ... I'm one of those who can't really get his head around the so many different charts and this and that clouds which makes things more complicated. perhaps they work better with altcoins but BTC is like a big slow Elephant so you can follow his moves.
So as I see 99% of the people are bullish on BTC everywhere ( and they say it will hit 100K soon) which is fine, but the chart says different things. First is the big pump heading up all year in 2017 with the big sell off in Dec 2017 with the CBOE and CME futures listing news (buy the rumor, sell the news )- clearly pumped by billionaires. So if you look at my chart you can see the clear price manipulation followed by a monthly trendline since 6th January:
one month pump, next month dump.
Have you noticed that BTC goes down for a month then up for a month and it is roughly ends at each every 4-5th of the month?
January 6th - 17500
Feb 5th-6th - 6050
March 5th - 11560
April 5th - 6400ish
May 5th - 9962
Clearly visible manipulation, and at this moment it looks like it's just heading now to 6900 around the 5th June (perhaps 1st of June as it's a Friday)
Use trendlines on your chart and you will see. also see the similarities in the middle of the trendlines around 12th March and as of yesterday 15th May, they look identical. So my point is all the bulls on twitter doesn't want you to sell, they already did, they just shorting BTC with leverage and make lot of money on it.
If I would be a big whale I would clearly grind the market down slowly in months until people will get fed up and they will sell all their coins, then I would start the pump cycle again. Perhaps I'm wrong but no-one can tell you what's going to happen next, only big whales with billions in their pockets... stay safe out there, secure your profits in this bear market.