📊Hi friends! Globally, Bitcoin looks very good: it has tested the lower boundary of the channel, closed above the key level, and volumes are up. But why there is no strong pullback, no price reaction? In this idea I will explain what you additionally should expect from the market in the coming week, so that you can open a trade in the direction that is more possible.
📊Weekly. Globally on Bitcoin, we see the test as support of the lower boundary of the channel and even a close below it. But what to expect this week? Pay attention to the volumes - they are lower than they were last May 2021. That means that not enough traders have liquidated and they are not in a bigger panic than they were a year ago.
💹This is negative for the price, because for the market to grow you need to have retail traders scared and sell all their Bitcoins and Altcoins to the big players, and that's not happening. There is no capitulation of the retail trader and investor.
70-80% of people who have been accumulating their positions in the $30-67k range for over 1 year should capitulate (there should be a huge liquidation on volume). This is the first sign of a trend change in the crypto market. If you don't know what a trend is, you can read in detail in this tutorial idea.
📊4 hours. The area of accumulation of long positions is highlighted in green, after which this liquidity became fuel for the 33% drop. Most in a panic closed their positions by market orders, in order to stay at least with some balance.
💹Locally the price is forming a bearish (rising) wedge, which indicates the weakness of the buyer and the fear of the retail investor. There could be a 26% drop to the $24-25k level according to classical technical analysis.
Also, about 2 weeks ago I talked about Bitcoin falling in the short term when similarly there was no sign of buyer strength. The price dropped by 35% and a lot of traders took advantage of that ideas.
🚩What would be the additional trigger for this fall? If the SnP500 continues to fall this week, a fall in Bitcoin is extremely likely! There is a very high correlation between the cryptocurrency market and the stock market for the last 2 months.
⚙This is one of the scenarios that can be expected. Also, Bitcoin could repeat the consolidation of the summer of 2021 with liquidity collection and stop-loss takes out.
✅Friends, what are your ideas about the market? Will there be a rise, a fall or maybe a consolidation? Write in the comments! That way we can understand the sentiment of traders on TradingView who actually trade in the market!
Press the "like"👍 button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
📊Weekly. Globally on Bitcoin, we see the test as support of the lower boundary of the channel and even a close below it. But what to expect this week? Pay attention to the volumes - they are lower than they were last May 2021. That means that not enough traders have liquidated and they are not in a bigger panic than they were a year ago.
💹This is negative for the price, because for the market to grow you need to have retail traders scared and sell all their Bitcoins and Altcoins to the big players, and that's not happening. There is no capitulation of the retail trader and investor.
70-80% of people who have been accumulating their positions in the $30-67k range for over 1 year should capitulate (there should be a huge liquidation on volume). This is the first sign of a trend change in the crypto market. If you don't know what a trend is, you can read in detail in this tutorial idea.
📊4 hours. The area of accumulation of long positions is highlighted in green, after which this liquidity became fuel for the 33% drop. Most in a panic closed their positions by market orders, in order to stay at least with some balance.
💹Locally the price is forming a bearish (rising) wedge, which indicates the weakness of the buyer and the fear of the retail investor. There could be a 26% drop to the $24-25k level according to classical technical analysis.
Also, about 2 weeks ago I talked about Bitcoin falling in the short term when similarly there was no sign of buyer strength. The price dropped by 35% and a lot of traders took advantage of that ideas.
🚩What would be the additional trigger for this fall? If the SnP500 continues to fall this week, a fall in Bitcoin is extremely likely! There is a very high correlation between the cryptocurrency market and the stock market for the last 2 months.
⚙This is one of the scenarios that can be expected. Also, Bitcoin could repeat the consolidation of the summer of 2021 with liquidity collection and stop-loss takes out.
✅Friends, what are your ideas about the market? Will there be a rise, a fall or maybe a consolidation? Write in the comments! That way we can understand the sentiment of traders on TradingView who actually trade in the market!
Press the "like"👍 button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
Get access to the private club with VIP signals 👉 bit.ly/Biko_ViP
🔷Telegram 👉 t.me/+ICrmLIneDmRiYjIy
🔷YouTube 👉 bit.ly/YouTube_Lessons
🔷Telegram 👉 t.me/+ICrmLIneDmRiYjIy
🔷YouTube 👉 bit.ly/YouTube_Lessons
