When the herd is in fear, we are here to BUY more
The bitcoin's price action is now looking very volatile as we are seeing the price in a huge range of movement right after it had its consolidation movement during the weekend.
All of us may agree that the market is now in an extreme bearish pressure as the price has already broken down below the yellow support trend line as the lower line of the biggest parallel channel which we have also anticipated earlier. With this kind of breaking down movement, the majority of the retails may have anticipated the area of $19000 or even lower at $14000 or $10000. That's why we see huge short position opened right after it breaks below the yellow support trend line.
The main problem is that people may forget about the condition in higher cycle which there isn't any strong relief rally we are seeing since the beginning of the drop from ATH and for sure, it puts the bitcoin on a very extreme oversold structure as well.
Although we have anticipated the possible downside movement to the $19000 region for short term, it may never happens looking at current movement because when the short position is getting thicker, there is likely we see some type of short squeeze where the big players will hunt the majority of SL position as a perfect alignment with the relief rally.
People may won't realize this condition as they are flowing together with the euphoria of panic selling which make them forget the true essence of down trend scenario.
On the other hand, we believe that the bounce will occur anytime soon following the possible relief rally as a result of short squeeze. We are accumulating a huge amount of position between current region and down to the $18750 region (If it drops again in the future).
Stop loss hunt at the area above the $22000 region which if the price breaks above this level, we will see additional extended movement to the $23900 region which is in alignment with the .786 Fibonacci retracement level.
We are now very excited to add more position (not just bitcoin, but also in alts) because it's likely to be an easy money!
All of us may agree that the market is now in an extreme bearish pressure as the price has already broken down below the yellow support trend line as the lower line of the biggest parallel channel which we have also anticipated earlier. With this kind of breaking down movement, the majority of the retails may have anticipated the area of $19000 or even lower at $14000 or $10000. That's why we see huge short position opened right after it breaks below the yellow support trend line.
The main problem is that people may forget about the condition in higher cycle which there isn't any strong relief rally we are seeing since the beginning of the drop from ATH and for sure, it puts the bitcoin on a very extreme oversold structure as well.
Although we have anticipated the possible downside movement to the $19000 region for short term, it may never happens looking at current movement because when the short position is getting thicker, there is likely we see some type of short squeeze where the big players will hunt the majority of SL position as a perfect alignment with the relief rally.
People may won't realize this condition as they are flowing together with the euphoria of panic selling which make them forget the true essence of down trend scenario.
On the other hand, we believe that the bounce will occur anytime soon following the possible relief rally as a result of short squeeze. We are accumulating a huge amount of position between current region and down to the $18750 region (If it drops again in the future).
Stop loss hunt at the area above the $22000 region which if the price breaks above this level, we will see additional extended movement to the $23900 region which is in alignment with the .786 Fibonacci retracement level.
We are now very excited to add more position (not just bitcoin, but also in alts) because it's likely to be an easy money!
