Peyson Melber

The yellow boxes on the chart mark the phases where Bitcoin moves sideways after a local high and accumulates before the actual breakout follows. We are currently in exactly such a phase again. Looking at the last comparable situations, it took roughly 6 days and 12 hours from the local high to the breakout each time. Fairly speaking, we are therefore looking at about 7 days. The market needs this time to build positions and shake out weak hands. While retailers around the $79,000 area are panicking and bears shorting the dip, institutions and whales are using exactly this weakness. They buy the dips, build their positions, and position themselves for the next larger move. What looks like weakness to many is often just an opportunity for the big players to accumulate more coins. If Bitcoin dumps into the FOMC, a sharp pump shortly afterward becomes very likely. As I already said, the dump is already priced in. A bit more fodder for the bears, the real move is still ahead. ⌛️ bitcoin:native