This article should help you understand what is going on in the BTC market, and what should you do in this situation.
Nowadays, we have seen that BTC price broke a $40K level that was a strong resistance level before the previous ATH. After that, we've seen that the ATH level was beaten with the 10% pump, in this case, all we can do is making long trades, which we actually did. We, at Pennygene, reentered long BTC trades at the $43k price.
The situation that makes this movement possible
If you take a look at the large wallet inflows, you may notice that we didn't have great volumes in the range of $39-43K. That zone was crossed by a single 4h candle. In our view, that was happened only because of the retail traders. As you may notice, the big 'whales' buy orders appear only on $43.3k that tells about their interest in long-term trades. So we'll see a new good bullish movement soon. That is why in our previous post we were not recommended to buy until we see a new ATH.
We had a few possible scenarios for BTC price. The scenario with the deep correction was replaced with a 25% dump to $30k level, as we can see that was enough to get liquidity to make this movement possible.
To make a long story short, there are a lot of emotional traders on the market at the moment. They make emotional trades based on the news and guess, which leads to the uncontrolled pumps and good correction that will reach the SL of the unreasonable traders. That how usually bitcoin tests support level after good pumps.
Nowadays, we have seen that BTC price broke a $40K level that was a strong resistance level before the previous ATH. After that, we've seen that the ATH level was beaten with the 10% pump, in this case, all we can do is making long trades, which we actually did. We, at Pennygene, reentered long BTC trades at the $43k price.
The situation that makes this movement possible
If you take a look at the large wallet inflows, you may notice that we didn't have great volumes in the range of $39-43K. That zone was crossed by a single 4h candle. In our view, that was happened only because of the retail traders. As you may notice, the big 'whales' buy orders appear only on $43.3k that tells about their interest in long-term trades. So we'll see a new good bullish movement soon. That is why in our previous post we were not recommended to buy until we see a new ATH.
We had a few possible scenarios for BTC price. The scenario with the deep correction was replaced with a 25% dump to $30k level, as we can see that was enough to get liquidity to make this movement possible.
To make a long story short, there are a lot of emotional traders on the market at the moment. They make emotional trades based on the news and guess, which leads to the uncontrolled pumps and good correction that will reach the SL of the unreasonable traders. That how usually bitcoin tests support level after good pumps.
Trade active:
If you didn't buy a BTC, try to buy it on the retest.
Trade active:
We have a position starting from 43K. But we also waiting for the retest to open additional positions. The retest of $42200
