Hi All,
This chart shows you why that was a good level to buy, a point of control with both volume, supporting TL and structure or level.
The wick is always the case with Crypto, panic and over selling when they know what that level is and hence they will front play it or push it more down to wrekt the entries for going long.
I also don't see it going down further to the low 40s, 46.7k is a strong support. This is my thoughts as long as nothing new comes up.
I see this aligned to the COVID dump of 2020 recovery but with a variation. There are many charts on Glassnode to support that we have no bearish data to support the bearish perspective.
Below are the 2 supporting charts.
Regards,
S.SAri
This chart shows you why that was a good level to buy, a point of control with both volume, supporting TL and structure or level.
The wick is always the case with Crypto, panic and over selling when they know what that level is and hence they will front play it or push it more down to wrekt the entries for going long.
I also don't see it going down further to the low 40s, 46.7k is a strong support. This is my thoughts as long as nothing new comes up.
I see this aligned to the COVID dump of 2020 recovery but with a variation. There are many charts on Glassnode to support that we have no bearish data to support the bearish perspective.
Below are the 2 supporting charts.
Regards,
S.SAri
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