Single print holds price back, how may trend continuation look?
For now, I remain convinced the market is bullish, although weakening for sure. The 30k+ movement has some necessary qualities of the shakeout. It broke through my first support which is also a SINGLE PRINT - only a lone candle captured these levels on the upside rally, no consolidation. It was further tested in February and eventually, the price broke through a few days ago.
Low Volume Areas, Single Prints, and the consequential lows, all hide liquidity below them. To some degree, 200 EMA does too.
A price has already been overextended as Bitcoin more than tripled its all-time high in a relatively short time. Such a rally makes wannabe buyers hesitate.
Big money needs that liquidity to open their huge positions. Of course, they will not enter the market when it is at all-time highs. Selling a little and taking advantage of many stop-loss and stop-market orders in Low Volume Areas, below Single Prints, below many consequential lows, below 200 EMA, is a legitimate strategy.
For now, I remain on the sidelines. If the price gets above the single print, I expect a long-term trend continuation.
Good luck!
Low Volume Areas, Single Prints, and the consequential lows, all hide liquidity below them. To some degree, 200 EMA does too.
A price has already been overextended as Bitcoin more than tripled its all-time high in a relatively short time. Such a rally makes wannabe buyers hesitate.
Big money needs that liquidity to open their huge positions. Of course, they will not enter the market when it is at all-time highs. Selling a little and taking advantage of many stop-loss and stop-market orders in Low Volume Areas, below Single Prints, below many consequential lows, below 200 EMA, is a legitimate strategy.
For now, I remain on the sidelines. If the price gets above the single print, I expect a long-term trend continuation.
Good luck!