First of all, I hope everyone safe and taking care of themselves and this global situation gets solved soon.
Second- Please, if you like the analysis, show some love my hitting that like button.
Now lets go with the analysis.
To understand where bitcoin is going next we need to look at past what it is being doing. I will try to explain in as short as possible.
I have indicated the phases with arrow.
The first arrow in the top left shows Lead in Phase- It is the phase where price tends to move respecting (not breaking)the trend line.
Bum Begins- It is a Phase where smart money sees price falling and they take the following trend direction( in this case they are selling) so the trend is downwards and slowly the selling speed picks up.
Bum Phase- It a phase where either distribution is happening or accumulation. IMO this is accumulation pattern. As i have shown in the chart how the supply has been absorbed.
Also this is a slow phase where it takes off the weak hands, so need to have a rigid plan.
Now next phase should be uphill run buy the book. Let see how it unfolds.
The green zone i have in the chart is it might retrace before the next leg up.
The reasons i am long-
a. The supply and demand shows a bias of accumulation
b. If we look at 2 years BitmeX liquidation data.(only huge liquidation are mentioned below)
Longs Liquidation(L) Shot liquidation(S)
1.Nov 2018 Almost 800 million USD(L) 2. March 2019 500 million USD(S)
3.Sep 2019 Almost 700 Million USD(L) 4. Nov 2019 Almost 250 Million USD(S)
5.March 2020 Almost 900 Million USD(L) 6. MAY(halving)???? (S)
c. Chart Pattern
d. Halving.
I have been long and strong in my position.
This is just a possibility. We cannot foresee the future but take precautions method to help us understand whats happening.
Motivation Quote for today- The best preparation for tomorrow is doing your best today. H.Jackson Brown, Jr.
Please comments your ideas!
Every idea is valuable!
Highly appreciate constructive criticism.
Second- Please, if you like the analysis, show some love my hitting that like button.
Now lets go with the analysis.
To understand where bitcoin is going next we need to look at past what it is being doing. I will try to explain in as short as possible.
I have indicated the phases with arrow.
The first arrow in the top left shows Lead in Phase- It is the phase where price tends to move respecting (not breaking)the trend line.
Bum Begins- It is a Phase where smart money sees price falling and they take the following trend direction( in this case they are selling) so the trend is downwards and slowly the selling speed picks up.
Bum Phase- It a phase where either distribution is happening or accumulation. IMO this is accumulation pattern. As i have shown in the chart how the supply has been absorbed.
Also this is a slow phase where it takes off the weak hands, so need to have a rigid plan.
Now next phase should be uphill run buy the book. Let see how it unfolds.
The green zone i have in the chart is it might retrace before the next leg up.
The reasons i am long-
a. The supply and demand shows a bias of accumulation
b. If we look at 2 years BitmeX liquidation data.(only huge liquidation are mentioned below)
Longs Liquidation(L) Shot liquidation(S)
1.Nov 2018 Almost 800 million USD(L) 2. March 2019 500 million USD(S)
3.Sep 2019 Almost 700 Million USD(L) 4. Nov 2019 Almost 250 Million USD(S)
5.March 2020 Almost 900 Million USD(L) 6. MAY(halving)???? (S)
c. Chart Pattern
d. Halving.
I have been long and strong in my position.
This is just a possibility. We cannot foresee the future but take precautions method to help us understand whats happening.
Motivation Quote for today- The best preparation for tomorrow is doing your best today. H.Jackson Brown, Jr.
Please comments your ideas!
Every idea is valuable!
Highly appreciate constructive criticism.