Bitdealer

Bitcoin Weekly Analysis

BITMEX:XBTUSD.P   Bitcoin
If institutional traders wanted to go long they need to engineer liquidity. They have to create sellers so they can buy. How do they create sellers? They trigger stops. Sell orders will flood the market if we break 5800, some from sell stops of the buyers, and the others from the breakout traders. Think of all the people who have longed low 6k this entire year, all of their stops are below 5800. This is where the liquidity is found. I feel as we must tap into this to find any demand before we can think of going higher.

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