Most buyers in last 5 months bought BTC at current price-YIKES!
I saw something tonight that made me almost fall out of my chair.
If you include only the last 6 months of trades (starting in early March 2019 prior to the bull run) and plot the Volume Profile you will find the majority of buyers bought in at the current price of $10,267 (or above). I find it incredible that most of the BTC buys for the past 6 months was at the current price. Yikes!
(Yes, the smart money got in at the very bottom around January but I'm talking about retail traders like you and me who got in after that. See link below.)
Ask yourself, what will these retail buyers do if BTC drops by 20%? Will they ride it out take the loss and HODL? Or will they run scared and sell which drives the price down even more? We are very top heavy here folks. Far too many retail buyers bought in at the current price to suit me. Think of a scaffolding with most of the weight at the very top. If we get slight wind the whole thing will topple over. All it takes is a small coordinated shove to induce a panic sell from retail buyers (amateurs) and we could drop like a rock. We can very easily see 8k or lower.
If there is a panic sell, then it will be coordinated to drive the price down to below 8k so Smart Money can buy it up. The Smart Money will likely be given a buy signal like they were in December/January 2019. By waiting for a buy signal until the last minute, the price will continue to drop until the buy order is sent out to the Smart Money players. If you don't think the buy signal was coordinated, then how did so much BTC get bought up at the very bottom in Dec/Jan? Take a look at my article "Where did most of the Smart Money get in after the 6k dump". Smart Money bought their BTC at around $3400 whereas a most of us bought in much much higher. I really must remember to subscribe to Smart Money's email list so they notify me next time. :-)
Don't forget to smash the Like Button on the way out. Or tip the doorman. LOL
If you include only the last 6 months of trades (starting in early March 2019 prior to the bull run) and plot the Volume Profile you will find the majority of buyers bought in at the current price of $10,267 (or above). I find it incredible that most of the BTC buys for the past 6 months was at the current price. Yikes!
(Yes, the smart money got in at the very bottom around January but I'm talking about retail traders like you and me who got in after that. See link below.)
Ask yourself, what will these retail buyers do if BTC drops by 20%? Will they ride it out take the loss and HODL? Or will they run scared and sell which drives the price down even more? We are very top heavy here folks. Far too many retail buyers bought in at the current price to suit me. Think of a scaffolding with most of the weight at the very top. If we get slight wind the whole thing will topple over. All it takes is a small coordinated shove to induce a panic sell from retail buyers (amateurs) and we could drop like a rock. We can very easily see 8k or lower.
If there is a panic sell, then it will be coordinated to drive the price down to below 8k so Smart Money can buy it up. The Smart Money will likely be given a buy signal like they were in December/January 2019. By waiting for a buy signal until the last minute, the price will continue to drop until the buy order is sent out to the Smart Money players. If you don't think the buy signal was coordinated, then how did so much BTC get bought up at the very bottom in Dec/Jan? Take a look at my article "Where did most of the Smart Money get in after the 6k dump". Smart Money bought their BTC at around $3400 whereas a most of us bought in much much higher. I really must remember to subscribe to Smart Money's email list so they notify me next time. :-)
Don't forget to smash the Like Button on the way out. Or tip the doorman. LOL
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