BTC'S CORRECTION IS ALMOST DONE -- WHERE TO LONG?
Exclusive summary:
* We're almost close to the bottom of the correction
* BTC might range for re-accumulation before the next primarily impulse wave up
* Bitcoin is still bullish long term
Hello friends. Today we're going to look at BTC's structure and where to swing it (LONG)
Back in December 2019, Bitcoin spent 46 days of accumulation by the whales at 6.5K range while CryptoTwitter was calling for 5K or re-test of 3.5K.
Whales accumulation with decent volume, with a inverse head and shoulders before driving the market up to mark up and distributing at 10.5K
Retail buyers FOMO again HIGH — thinking that it will shoot back up to 15K or 20K, but the whales had exited their position (you can tell by the big volume with many shooting star candles).
The market sold off at the end of February, using "the Corona virus did it" as a narrative but the reality is, whales exited the market after the mark up and distribution phase while laughing all the way to the bank.
Now we're reaching the 8.5K to 8.3K range, which is a healthy range to buy because it shows confluence with a strong trendline and horizontal support.
I think it's very possible that price could also fall back down to mark structure at 7.7K (scam candle perhaps?) to shake out weak hands before going up again.
Outlook: Bitcoin is still long term bullish
Thanks for reading, be sure to like and subscribe :)
* We're almost close to the bottom of the correction
* BTC might range for re-accumulation before the next primarily impulse wave up
* Bitcoin is still bullish long term
Hello friends. Today we're going to look at BTC's structure and where to swing it (LONG)
Back in December 2019, Bitcoin spent 46 days of accumulation by the whales at 6.5K range while CryptoTwitter was calling for 5K or re-test of 3.5K.
Whales accumulation with decent volume, with a inverse head and shoulders before driving the market up to mark up and distributing at 10.5K
Retail buyers FOMO again HIGH — thinking that it will shoot back up to 15K or 20K, but the whales had exited their position (you can tell by the big volume with many shooting star candles).
The market sold off at the end of February, using "the Corona virus did it" as a narrative but the reality is, whales exited the market after the mark up and distribution phase while laughing all the way to the bank.
Now we're reaching the 8.5K to 8.3K range, which is a healthy range to buy because it shows confluence with a strong trendline and horizontal support.
I think it's very possible that price could also fall back down to mark structure at 7.7K (scam candle perhaps?) to shake out weak hands before going up again.
Outlook: Bitcoin is still long term bullish
Thanks for reading, be sure to like and subscribe :)
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