BTCUSDT Dumping Mode On?
Updated
Just an opinion if it is useful PLEASE LIKE and FOLLOW.
Hello traders,
1. Market decided to dump, worst thing to do is to sell when the dump is at is maximum splendor.
2. We were longing from below and were expecting this to happen, as long as BTC trades below its record high, it is still a very gray area and painful pullbacks are more likely.
3. What we normally do is to WAIT for the dump too correct to exit longs and minimize the erosion of profits.
4. Why? People usually enter in extreme PANIC when the dump is at its most intense pain, the amygdala in our brain, which is in charge of the fight of flight response, gets activated and blocks the frontal lobe from doing rational decisions.
5. What usually happens is most people sell at the exact bottom, and then panic buy at the exact top of the dump correction, and what we usually do is to better wait not sell and wait to sell at the top even if we sacrifice some profit, minimize losses or breakeven.
6. Now this is not a prediction if this thing continues beyond the dump correction and enters bull mode again then we can reopen longs with no problem, but it is better to just go step by step and see what the market wants to do.
7. In conclusion: We see the price consolidating in a range, making around three touches in the channel, followed by a breakout to the POC level at around 50k (line in purple) from the volume profile (price most traded at the observable range). It intersects almost with the 70.5 fib level at around 49k.
8. So very likely we will se price correct to the area between 49k - 50k; before it was acting as support and now it is acting as resistance. It is a very psychological level. In this area anything can happen, but our best guess and the most likely scenario based on experience is that it will continue to move down but we just don't know with certainty.
Hopefully this point of view helps broaden your spectrum.
Best of Best, step by step is the best way.
Robertus
Hello traders,
1. Market decided to dump, worst thing to do is to sell when the dump is at is maximum splendor.
2. We were longing from below and were expecting this to happen, as long as BTC trades below its record high, it is still a very gray area and painful pullbacks are more likely.
3. What we normally do is to WAIT for the dump too correct to exit longs and minimize the erosion of profits.
4. Why? People usually enter in extreme PANIC when the dump is at its most intense pain, the amygdala in our brain, which is in charge of the fight of flight response, gets activated and blocks the frontal lobe from doing rational decisions.
5. What usually happens is most people sell at the exact bottom, and then panic buy at the exact top of the dump correction, and what we usually do is to better wait not sell and wait to sell at the top even if we sacrifice some profit, minimize losses or breakeven.
6. Now this is not a prediction if this thing continues beyond the dump correction and enters bull mode again then we can reopen longs with no problem, but it is better to just go step by step and see what the market wants to do.
7. In conclusion: We see the price consolidating in a range, making around three touches in the channel, followed by a breakout to the POC level at around 50k (line in purple) from the volume profile (price most traded at the observable range). It intersects almost with the 70.5 fib level at around 49k.
8. So very likely we will se price correct to the area between 49k - 50k; before it was acting as support and now it is acting as resistance. It is a very psychological level. In this area anything can happen, but our best guess and the most likely scenario based on experience is that it will continue to move down but we just don't know with certainty.
Hopefully this point of view helps broaden your spectrum.
Best of Best, step by step is the best way.
Robertus
Note
Holy guacamole, it dumped vigorously. We'll update our opinion soon.
“All fixed set patterns are incapable of adaptability or pliability. The truth is outside of all fixed patterns” BL
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