It appears that the big moment has finally arrived that all bulls like me long waited for. The trend is just overwhelming and my personal favorite token AAVE is also on rally.
However, is this rally genuine that is driven by serious institutional investors and retail investors? I seriously doubt it.
Now, don’t get me wrong. I am not bearish after months of hard work to convince everyone that we are still in a bull run. I am still seriously bullish and awaiting to see the next all time highs hit buy BTC, ETH, AAVE and many other coins.
So nothing’s changed in my sentiment.
Yet, I believe that what I saw today is not a part of that long awaited genuine bull run but another market manipulation. However, the good news is that these kinds of manipulations are with the intention of setting a bullish trend that we want and it confirms my analisis so far. Therefore, we should be very happy about it.
If you look into the above 4 hour chart, you will see the height of the green volume bar today. It is about five times larger than the 100 days volume SMA, which means “whale interest” that bought Bitcoin at market price (placed one or many market orders within a short period of time).
It is normal for them to buy like that but a demonstration like this? Within a small period of time? See the highlighted long wick of the current candle as well. It is another indication of market manipulation where the push was not sustained.
I believe this was no mistake or not just ignorance but purposely executed with a strong message to the others, which is “People, we are not ready for a bull run, hop in”.
It's good news, but if you check the order book, you will see a painted line at the 40k price range as well. (Please read my previous analysis about market manipulations if you miss the point here.)
Therefore, if you hop into the bull run with paper hands, it is highly likely that you will panic when you see a strong pullback at 40k. It is likely that the smart money will trigger a series of pullbacks around the price range 40k and 42k when you least expect them.
You will probably see some news and technical analysis interpreting those pullbacks as bull traps as well.
You can also see a similar previous volume bar in the screenshot and see what happened to the market after it. Remember, how those pullbacks were interpreted?
In conclusion, I believe those pullbacks will be just pubacks or market corrections like before, where some more weak hands will be shaken out and the BTC will rally towards 80k or even 90k before the end of this year.
Just my point of views and Analysis only but not financial advice at all.
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