benice_trader
Long

Bitcoin. Struggle against the shadow

BINANCE:BTCUSDT   Bitcoin / TetherUS
Greetings from Benice team!

Market principles go as follows: if there is a non-standard candle with a shadow piercing deeply the general trend, we can expect that the price will soon overlap the candlestick shadow. A liquidity taking effect occurs as a result of this movement. The sellers zone gets immersed into the vacuum, reducing the number of offers to its full height. Then, the price begins to fill this zone with a buyers demand, which does not meet any sellers in practice. Their craving for the risk has already been satisfied with that very candlestick shadow of the upward breakout. Moreover, the reason for the upward breakout does not matter, be it a technical failure or someone who has just confused the Buy and Sell buttons.

The Japanese used to comment on such candlesticks in the following way: "A candlestick body will be where a candlestick shadow is".

That is what we see now:

A hard-line RSI-based attitude for the growth has been confirmed, as well as a clearance of the descending channel with a shadow being traced. At the same time, the Bollinger correction stayed on its midline.
An interesting level for buying is around 6560. A short-term target is 6840. In mid-term perspective, we expect the shadow of the recent candle to be closed and there will be another attempt to settle above 7500. A medium-term retracement timing also assumes a growth to the levels of 9059 and 11118 within the movement to the primary Fibonacci correction levels.
If a negative scenario occurs, the support lines will be 5800 and 5380.

We are going to update regularly our short-term recommendations on this tool. We are going to inform you of the transaction entry level, the stop order level and the target for taking profit.
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