BitcoinLong
BTC - Someone needs liquidity...
BTCUSD is currently breaking down quite brutally; while some may call a crash, it's obviously not. Looking at the chart above, we can identify a nice price consolidation around 60-62k that happened over the last few days, after which some institutions purposely broke down the price action to go trigger the many stop-losses placed right below the consolidation level (pointed out by the 2 ellipses). After the price action took off again, lots of traders probably replaced their stop-losses around the same level, thinking that the price was going to break above the previous ATH and go for a nice bull run from then on. Little did they know, a few big players who were probably doubting another bull run until recently changed their minds and brought the price back down to buy BTC at a good price. If anything, that's a good sign. HODL!
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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.