The whole market was expecting a correction, to buy bitcoins and altcoins at a discount, but the market is not going the way most people expect it to, and yesterday there was a very strong spike, bitcoin was up 18%, there were very many liquidations, which actually happened with altcoins as well.
What's on the Cardano chart? The price is also in a consolidation range, now it is close to the upper limit. There are potentially 2 possible developments: - first scenario, the price quickly approaches the upper boundary of the consolidation, makes a false break, and goes down - second scenario, the price will squeeze near the upper boundary, make a breakdown, retest the upper boundary as support and go higher.
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P.S. I personally will open entry if the price will show it according to my strategy. Always make your analysis before a trade
Gravity will come into play.
It was Sunday / Sunday night for Europe and the USA.
Many in the northern hemisphere are on holiday (we'll know summer is quiet ! 🤫 not! )
WHO did the buying?
Asian Big money? Not good for them unless they make a trap
Retail? Panic buying with both spot placed as an "oh shit, I missed the dip but this is the safety net".
Panic long trades?
A whale pump? Possible as it will hurt a lot of folks and profit was good.
Looking at it, it looks like a typical pump and dump - such a massive wick.
I think Retraction will be sharp and maybe to 15% or 20%. After.....?
Here's an interesting bit of math.
If BTC & most ALTs fall by 30% [to major support of around 27.5k BTC] BIG money is a 'happy bunny' because when it hits the 39.5k area it shows a volume profit return increase (sort of like ROI) of 43% - SO, for fund managers, this is very attractive.
And the beauty of it is - they don't have to do much work - retail when spooked will do it for them.