A desirable 5-digit price per BTC

ICB Fund
ICB Fund
May 10, 2018 · 2 min read

Multiple bull-traps in the area of 9.5K have proved to be “tough nuts” since the beginning of the week. Bears surely needed to be fed and “the fresh meat” they consumed has come from vulnerable traders attacking 10K. The buyers were greedy and they didn’t seem to understand the market to achieve their goal.

However that is how most people reacted: Bitcoin was in local high and many thought it would only go up with 10K as a “new start line” perhaps. The problem of new longs risk level was ignored by “the crowd” whereas aggressive buying within such a resistance оf 9.5K zone is like buying at 19.5K. These people have bought their expensive coins here in order to sell them cheap later. And they will lose more and more money until they end up with nothing left. Either of the current graph wedges formations is invisible to them, moreover they are not taught to look for any and that results in their ignorance of the concrete capital placement by large operators. Meanwhile the latter have refreshed their target on the graph — 4.7K — with slowly but steadily adding up volume to the considerable sales. The Ethereum target has been set up as the new low — 350.

Neither of the previous day news agenda items is worth mentioning maybe apart from the statement of a “Draper Fisher Jurvetson” firm’s founder Tim Draper. He invests in cryptocurrencies because “they give him freedom as well as shine down the traditional financial system”. Even if Mr. Draper has not invested a penny in Bitcoin bulls & bears would not say “no” to interpreting the investments sayings of “someone from the hill”.

The market price has clearly shown signs of weakness. So take your time and try to find all the trapping rising wedges you need to think differently than others. I hope that today with a couple of lines of mine I have given you food for thought and you will look at cryptos price charts and trading opportunities from a new perspective.

ICBF’s Asset Manager Alexei Fedorenko

ICB Fund

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ICB Fund

ICBF is an investment company that invests in high-yield blockchain instruments.

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