BitcoinLong
BTC October 14th: So far so good, but be cautious!
Updated
I think any smart mind in crypto should've some sort of long position/holdings so far, BUT is it done yet?! Usually, the bigger bull runs in crypto start right after a Capitulation event i.e. the price drops fast in high volumes causing lots of fear and tension. It doesn't necessarily mean that it must happen again. Even one may think it has already happened in June. After all, I think we should be prepared for it in case.
I use Coinbase BTC/USD in this idea because it shows nice and steady Volume data during recent years. Please consider that Volume data can be manipulated. For example, the Binance exchange has made BTC trading free of charge so the Volume data on Binance has been INSANE for a couple of months.
Let's get to the chart. The gray lines are low-to-low trendlines and the light blue lines are showing the Hidden divergence in the On Balance Volume indicator. In case BTC wanna repeat the Capitulation event, it will drop to something like arguably 16k, so the OBV indicator has enough room to fall below what it was in Corona valley, causing the expected second hidden divergence in the OBV indicator.
Please take note that if the big money doesn't get in, it won't pump higher so the Capitulation events aren't that bad! Weaker hands will get off of the market and the rest will have an easier path ahead.
Prepare for the worst and hope for the best.
Good luck.
I use Coinbase BTC/USD in this idea because it shows nice and steady Volume data during recent years. Please consider that Volume data can be manipulated. For example, the Binance exchange has made BTC trading free of charge so the Volume data on Binance has been INSANE for a couple of months.
Let's get to the chart. The gray lines are low-to-low trendlines and the light blue lines are showing the Hidden divergence in the On Balance Volume indicator. In case BTC wanna repeat the Capitulation event, it will drop to something like arguably 16k, so the OBV indicator has enough room to fall below what it was in Corona valley, causing the expected second hidden divergence in the OBV indicator.
Please take note that if the big money doesn't get in, it won't pump higher so the Capitulation events aren't that bad! Weaker hands will get off of the market and the rest will have an easier path ahead.
Prepare for the worst and hope for the best.
Good luck.
Note
Target reached.
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