ridethepig | BTC Flirting With A Break Of $10,000 !
Buyers intend to increase the power of the threat by enticing soft retail shorts into playing the downside and then; how can sellers move to anticipate this coming breakup? By covering their positions and putting this through the roof as it would enable a sharp spike towards initial targets at $13,365 ==> follow closely by $16,000 as the main ST swing target.It is worth considering the underpinnings of this swing demonstrated here in the root of the move.
The waiting game
Smart money pinged out price from the lows, here the contact in the (Bakkt Floor™) established the foundations between turnover in play. Large buys saved the swing which would have otherwise been lost on a breakdown. This brings us to the next conclusion and illustration in the idea.
Marching Troops To The Border
Before we could tackle the entire impulsive leg we needed to check we were well versed in the opening flows. The resistance and channel break should refresh optimism on the idea of higher highs, because both of these are fundamentally necessary for the correct direction and path of least resistance.
The question to follow readers is after the opening operations, do we sit tight and begin enjoying the fruits of our labour? Well, those sharp enough with ammunition stored up continued to work longs.
Destroying the defence
By playing the breakout buyers give no chance to release the tension and allow further defence to reason. $10,000 above here will offer psychological importance and be useful for headlines. It is in other words necessary for algos to continue grinding higher. But we all know that this is one of the most hated bull runs which has happened in BTC history. Retail are starting to turn and have a powerful urge to expand exposure, and thus what we have done to our opponent is to cause death by a thousand scratches.
But moreover, (sadly) risk-off continues and Coronavirus flows have emerged, of which is showing no signs of abating.
Seizing the breakout
The manoeuvre from buyers to break the channel can only be described as impulsive, an advanced move which has been able to bring about demobilisation of sellers and to form a major opportunity after options. It removes the resistance from sellers and even allows buyers to approach closer to the initial swing targets. These excellent example of courage from buyers captures the "Establishment vs. People" narrative brewing as confidence in governments globally continue to collapse. Markets reply to FED funding Whitehouse policies will be particularly interesting...
As usual thanks for keeping the support coming with likes, comments, charts, questions and etc!