cryptocowboy2030

BTC reversal very possible here

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
BTC UPDATE: This is a little long, but the end result is that we could see a reversal soon. IF we see a reversal, the question will be: is it temporary or will it be the of the bull market? My answer is: it won't matter because if I am in on the reversal, my stop losses will protect me if we head back down. So... Let's dive in.

What do my charts say? We are getting close to an area where BTC is finding some strength. This does not mean we are at bottom, but it could act like 6K acted and we may stay in this 2800 to 3K range for a bit (or whatever range it falls to) and we may find opportunities to trade BTC and alts for some profit. As per the chart, we have some bull div stacking up in presence of decreasing volume . This is occurring in a very fractal-type manner. I will keep watching for the right kind of volume and other indicators for a possible bounce up and I will look for an entry over the next few days. Could be as soon as I see a pull back.


This may be a temporary entry where I buy in and raise stops once in profit, but it may also be a period of weeks or even months where we stay range bound before we either fall or rise. Of course, there is always that chance we have hit bottom around 3K, so I will be looking for entries with that support in mind. We have to remember that the MM know that 3000 has been parroted by every known influencer in the space, which means that there will be a ton of longs sitting in the order book.

This brings me to the big banker games. The MM can always take advantage of this and slam the price down to eat up that liquidity pool. What is interesting is that IG Client sentiment (which can be found on DailyFX- an established and trusted site which gathers open interest data for mostly FX, indices, and some commodities ) estimates that retail buyers are net long 72% while they are net short 28%. While this seems significantly long, their data suggests that the net long position has been steadily decreasing all year and is now it's lowest since November 28 AND is significantly lower than it's been most of this year. Normally in this scenario with other assets, they take a contrarian view and feel that the MM will slam the price down to tap into that liquidity. However, the anomaly here is that traders are LESS net long than they were yesterday and even lesser so than last week. Due to the fact that they are a-typically of the opinion that price could reverse in this area despite the typical MM liquidity games.

***Any information represented here is my opinion only and not intended to be used for financial gain. None of the information posted here is to be considered financial advice. Information posted here is strictly for entertainment purposes only. Please consult your financial professional before making any kind of investment. Investments can be very risky and any investor should educate themselves before investing by enlisting the help of a licensed financial professional. Past results are not indicative of future results in any construable way.***
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Nice, I 100% agree that the longs have decided to eat up the overwhelming majority thinking and waiting for 3k -2.8k. I think it's confirmation that Longs have gone up 15% in 2 days time. Major money moved in at proper accumulation price action. This will be a quiet turn around up.
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@KenRB, I definitely see strength lately. I am hoping for at least some relief here. And if it is the beginning of the new bull market. Then so be it.
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