Bitcoin(BTC) Long after a 400 point drop. Do not be fooled.

After the huge drop, there has been a spike in bids at the current level and we are now in the bottom of the channel. It is likely we move back to 7200.

There have also been buy walls set up by possibly the same person who has been buying at 6200 levels.

Therefore, you may long here. The reason is because this trade has a good Risk/Reward ratio as our entry is near our stop loss, and buy walls have been hit and they have held. There might be a stop hunt here so it will be good to add at a lower price.

Either way shorting here is probably not a good move.

Buy in:
6980

Stop Loss
6850

Target:
7200

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Looking at the Bid/Ask Sum, bids have spiked, so we can expect to hold here and likely slowly move up.

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Also, it is always so weird how more people seem to love shorting the bottom of a drop rather than take profit and wait for a better entry. The more shorting here the better as each shorter is now a potential buyer and they must buy back into the market to exit their position.

Assuming we hold.

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7150 will be a good target to take profit if you believe the uptrend is reversing.

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Looks good for a bounce, Might exit then.

Trade closed: stop reached:

Another drop happened. Hit my stop loss.

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Guys this does not look like we will be slowing down. Did not look as bad but we broke through so many support levels so fast this could take us below 6000.

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Since I posted it was 6700. Now it is 6400 and we might have found a bottom for now.

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I think a bounce will happen but the scale of this will mean continuation

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