What we've learned in the past few years is that Bitcoin's demand is just too strong. Retraces and corrections are no longer wild like before, these are limited and capped. Nobody wants to take the risk of selling too much and being left out or losing their Bitcoins for good, they are just too valuable. Many times more valuable than the USD Dollar or Gold. It is the most valuable asset in the whole digital world.
Other than food and toilet paper, nothing is more valuable than Bitcoin.
Technical analysis
Ok, let's focus on the chart.
The retrace has been ongoing for 31 days, since 22-May.
Total drop amounts to 12.33% (-12%).
The action moved below the 5-June low around $100,400. Bitcoin is now back above this level. Clearly showing that this is a stop-loss hunt event.
Stop-loss hunt and liquidity hunt because thousands, if not millions, of over-leveraged traders have been liquidated. They were betting on the wrong side short-term. Long-term yes, bullish is the trend, the direction and the win. Short-term, it was SHORT but not anymore.
Never trade with 20X that's crazy. Imagine going LONG 20X at the all-time high? Isn't that stupid?
I can bet you the same people didn't want to buy LONG when Bitcoin was trading at $75,000. In fact, I can bet that these people that just got liquidated were selling below $80,000 and buying LONG with 20X at $110,000. A recipe for disaster.
Anyway, I am calling it early. This is it, we are going up.
I got my signals, as you already know, from the altcoins.
If you agree boost and follow.
Thanks a lot for your continued support.
Namaste.
Other than food and toilet paper, nothing is more valuable than Bitcoin.
Technical analysis
Ok, let's focus on the chart.
The retrace has been ongoing for 31 days, since 22-May.
Total drop amounts to 12.33% (-12%).
The action moved below the 5-June low around $100,400. Bitcoin is now back above this level. Clearly showing that this is a stop-loss hunt event.
Stop-loss hunt and liquidity hunt because thousands, if not millions, of over-leveraged traders have been liquidated. They were betting on the wrong side short-term. Long-term yes, bullish is the trend, the direction and the win. Short-term, it was SHORT but not anymore.
Never trade with 20X that's crazy. Imagine going LONG 20X at the all-time high? Isn't that stupid?
I can bet you the same people didn't want to buy LONG when Bitcoin was trading at $75,000. In fact, I can bet that these people that just got liquidated were selling below $80,000 and buying LONG with 20X at $110,000. A recipe for disaster.
Anyway, I am calling it early. This is it, we are going up.
I got my signals, as you already know, from the altcoins.
If you agree boost and follow.
Thanks a lot for your continued support.
Namaste.
Trade active
Bitcoin has been moving sideways for an extended period of time. Notice the channel on this chart: When the market is sideways, traders tend to lose the most money. The good news is that many altcoins are doing great right now and we can focus on those while Bitcoin produces a very strong support zone above $100,000.
This is all good, patience is required but all is good. The longer Bitcoin trades above $100,000 the stronger this support/level will become. After enough strength is garnered by the bulls then the market can resume with its growth.
When Bitcoin grows 20%, some altcoins can grow 200-300% or more. In fact, Bitcoin is sideways right now and many of the smaller pairs are doubling-up. When Bitcoin is sideways within a bull market with strong prices the altcoins tend to grow. That's what you are seeing right now.
Thanks a lot for your continued support.
Namaste.
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🚨 FREE PREMIUM Trades + Top Results
t.me/anandatrades/1183
🚨 FREE Quality Content + New Results
(Frequent Discounts & Offers)
t.me/masteranandatrades/6172
🚨 Go beyond! PREMIUM LIFETIME Access
lamatrades.com (Since 2017)
t.me/anandatrades/1183
🚨 FREE Quality Content + New Results
(Frequent Discounts & Offers)
t.me/masteranandatrades/6172
🚨 Go beyond! PREMIUM LIFETIME Access
lamatrades.com (Since 2017)
Related publications
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.