BITCOIN ANALYSIS - WILL A SELL OFF OCCUR?

SUMMARY

As mentioned in the previous analysis, the market has experienced major market manipulations which resulted in prices rising over $1,000 over the previous week. Often after a market manipulation occurs, it is common for a large sell off to occur as the manipulators have reached their targets and are now looked to reverse the price after forcing individuals to believe the market will continue to either rise or fall, this could well be the case of Bitcoin, known also as a "bull flap".

Today we saw prices stall at the $8,500 and prices are now trading at $8,250. It is still likely that this movement could be a slight pull back to let investors breathe easy before making another push to force prices higher. If we are to see another major push higher the level of $8,600 could be an area that price experiences some consolidation. I believe the most likely scenario is still a major sell off back down to $6,500 before the bull run really begins.