Grayscale Unlocking is Due Today and What Would be the Effect on Bitcoin Price? 


However, this is a game of big players as Wyckoff explained 100 years ago and therefore there is a huge chance that the smart money might push the price down by short selling just to take advantage of the unnecessary FUD created around grayscale unlocking.

 
Apparently, bitcoin whales are silent even today. 
 
As we have already guessed, maybe they are waiting for the grayscale unlocking, which is due on today, 18th of July 2021.  
It is possible that this unlocking might add some serious selling pressure pushing the bitcoin price further down but in my opinion, it will not. 
Why? I really don't see a single reason why they should sell at lower prices as soon as the unlocking takes place while there is a huge chance to sell at a higher price in the near future. Do you see a reason?  
 
However, this is a game of big players as Wyckoff explained 100 years ago and therefore there is a huge chance that the smart money might push the price down by short selling just to take advantage of the unnecessary FUD created around grayscale unlocking. In such a case, we will see a price decline and we will see hundreds of articles and videos blaming the "Grayscale Unlocking" simply because the blame has to be assigned somewhere but not because it's the truth. 
 
It will make many weak hands sell their BTC to smart money fulfilling their desire of accumulation before continuing the bullrun which is not yet ended in my opinion. 
 
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In such a situation, where could BTC find another strong zone of support? 

As in the attached, I believe we can identify 3 levels of support in the daily chart and I honestly do not think the BTC price will reach even the second support level, which is at 25,000 even with strong market manipulation by the smart money. But only one way to find out,... and even in a worse case I would hodl as I strongly believe in the market analysis so far I have done.  

We should also keep an eye on the trading volume as usual. 


Not financial Advice, but analysis only.            
       
Dr. Buddika Adikari          


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