When do the professional traders start taking profits in Bitcoin?

After the Bitcoin has moved a long time at the top of the two possible downlink channels, he has broken through upwards on Monday. Two beautiful pumps brought the Bitcoin about 450 USD and then again about 300 USD price increase. In total, this is a good 7% plus. Good job. All Altcoins, however, remained more or less on the spot. Yes, it’s essentially a Bitcoin party. All in good sight in the logarithmic 4-hour chart of Bitcoin (Bitstamp on TradingView).

While the first flag was forming at the top of the first pump and selling pressure kept coming in, I thought the outbreak was a bull trap at the start of the week. However, the second pump relativised the whole thing again. If you look down on the volume, you can see that this has been decreasing continuously since the peak. And even the rise of Monday is not underpinned with significant volume. Purchase volume but need the professional traders if they want to make their take profit. It can be assumed that larger, professional traders have invested in Bitcoin since the start of the increase. Their investment made it possible that the Bitcoin could take off. And of course, they will ask themselves at a certain point when it makes sense to take profits. What that means for Bitcoin is clear. And this point could come soon. I’m really looking forward to this week.

What can we expect on the way up? There is the middle red dashed line at about 12,500 USD. If the Bitcoin exceeds this line, it marks a higher high relative to the intermediate high on its way down to the peak. The same applies to the upper red dashed line. If he exceeds this, we can possibly expect a new high. At least these are the lines that I will pay attention to personally now. I think somewhere between those two top red dashed lines lies the truth and the moment when the professional traders will press the button, if they wait that long. However, if the Bitcoin continues to move inexorably, I will either resolve or hedge my shorts in my eToro account CryptosWithB66.

Oliver Michel

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