Nothing new today for Bitcoin, the coin is still stuck between its downtrend resistance and the $11k level, both fiercely defended.
We are witnessing a consequent decrease in along with volatility and as a matter of consequence Bitcoin's trading range.
Institutional funds that kept feeding the Bitcoin's soaring prices since the beginning of the year seem to be waiting before the next move.
Tomorrow FOMC (Federal Open Market Committee) report could stir things up, inducing some volatility as we expect dovish comments.
We would like to issue a warning as this lowering volume and tightening range environment could see retail traders be the target of smart money or aggressive whales through the release or the drain of liquidity.
We maintain our view regarding an upward movement incoming once the accumulation phase is over. However an artificial sell-off could be induced in order to trap sellers which would allow smart money to have a better long positioning for the months to come.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .
We are witnessing a consequent decrease in along with volatility and as a matter of consequence Bitcoin's trading range.
Institutional funds that kept feeding the Bitcoin's soaring prices since the beginning of the year seem to be waiting before the next move.
Tomorrow FOMC (Federal Open Market Committee) report could stir things up, inducing some volatility as we expect dovish comments.
We would like to issue a warning as this lowering volume and tightening range environment could see retail traders be the target of smart money or aggressive whales through the release or the drain of liquidity.
We maintain our view regarding an upward movement incoming once the accumulation phase is over. However an artificial sell-off could be induced in order to trap sellers which would allow smart money to have a better long positioning for the months to come.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .