If you were scared of the last big red candle on the 1D chart, this post is for you. As we have said many times before in our articles and Clubhouse live streams, growth cannot go on forever. All big uptrend movement needs a correction, it is required to test the support levels, to provide liquidity, and take away from the emotional traders part of their deposit.
The winner will be the one who was not afraid of the 18% dump and continued to keep his long positions. Also, the winner of this battle of buyers and sellers will be the one who bought at the very bottom of this downward movement. In the next few days or weeks, those who have just sold bitcoin will buy it back, but at a higher price.
As you can see on the Bitcoin chart, there is quite strong support at $46,600 - $48,3000. And the culmination of sales just came to the price inside this level, it was on $47,640 level. A lot of liquidity accumulated in this area, so the price only touched this range with a shadow.
The good news: as you can see on the chart, the bar now repeats the past dynamics, especially the angle at which the bar increases on the chart. This is a good and important signal.
A lot of margin positions were liquidated today, the record was $4,000,000,000, so never use more leverage than is required by the situation and more than your risk management rules allow.
The winner will be the one who was not afraid of the 18% dump and continued to keep his long positions. Also, the winner of this battle of buyers and sellers will be the one who bought at the very bottom of this downward movement. In the next few days or weeks, those who have just sold bitcoin will buy it back, but at a higher price.
As you can see on the Bitcoin chart, there is quite strong support at $46,600 - $48,3000. And the culmination of sales just came to the price inside this level, it was on $47,640 level. A lot of liquidity accumulated in this area, so the price only touched this range with a shadow.
The good news: as you can see on the chart, the bar now repeats the past dynamics, especially the angle at which the bar increases on the chart. This is a good and important signal.
A lot of margin positions were liquidated today, the record was $4,000,000,000, so never use more leverage than is required by the situation and more than your risk management rules allow.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.