BTC. 1D. The growth looks artificial. Maximum target - $11,600

10 paź 2020

Good afternoon!
We would like to analyze the situation, what is happening with Bitcoin, in our opinion.

News 08.10.2020 about the purchase of BTC for $50 million. by Square, clearly manipulative. The headline screams All in long. Looking at the trading yesterday - the news worked out! However, buyers' enthusiasm is not supported by the volumes. And the volumes are average and do not inspire a confident growth continuation at all.

But if you read the article, it clearly says that Square bought 4097 Bitcoins at the end of June 2020, 3 months ago. When BTC was trading in the range $9200-9500.

And they decided to boast of such good news just now? On time!

For example, another company MicroStrategy in August bought BTC for $250 million, and in September for another $175 million, and it is 7 times more for Square, and it did not cause such a buzz.

Usually, such news is thrown into the information space when it is necessary to create agiotage and increased liquidity. How else is it possible to imperceptibly for the market sell off and take profit in the narrow price range?

In Square, the average price is around $9300, MicroStrategy around $11,000.

Where it is profitable for them to fix a profit or sell position that was not gained on time, draw your own conclusions.

Our opinion is that now there is a lie and manipulation in the market.

We think that the price will turn downward around $11,600. In the same range, it is logical to fix profits on long positions, and it will also be possible to take shorts in order to keep up with the future trend.
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