BTC setting up for major bounce
The Bitcoin weekly chart shows us setting up for a pretty big double-bottom/W-shaped bounce from this area and back up to the 89 EMA if not previous all time highs The thing is, the previous bounce and established weekly low of mid- to- late June has created a huge manipulation opportunity for the whales and a really nice wick zone under 19K. At that point, tons of retail traders get sucked into shorting and tons of retail longs get liquidated, creating an easy and massive buying opportunity for whales. For that reason, I would see any kind of price action under 19k with the next week or two as a huge buying opportunity. It doesn't necessarily have to wick down there, but it would seem like an obvious play for the whale. If we close a weekly candle under the previous low, then this idea is invalidated. However, I believe we are setting up for a massive bounce from here, at least to the 30K area/89 EMA, but with high potential for wicks under 19K first for whales to buy.
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