Hello friends, today I would like to present a controversial idea. So far, that was not a bloody September I was expecting. The price couldn't break the strong support.
Interestingly enough,~65300 BTC was withdrawn from exchanges from September 29 to October 1. The withdrawal was significant, and primarily because the bitcoins went to the wallets of "smart money". Everyone is expecting a bearish scenario and actively shorting BTC, but historically October and November are green months. So what if, market maker will outplay everyone and push the price towards the 30k region? I mean, the price is resisting and not dropping lower, certainly there isn't enough liquidity to push it lower. That would be the most vicious and brutal scenario. Furthermore, the pump could happen fast, because there are a lot of buy stops above that could get triggered. Bitcoin was notorious for often going against the crowd and preventing regular traders from making money.
So keep that in mind and watch the risks.
Interestingly enough,~65300 BTC was withdrawn from exchanges from September 29 to October 1. The withdrawal was significant, and primarily because the bitcoins went to the wallets of "smart money". Everyone is expecting a bearish scenario and actively shorting BTC, but historically October and November are green months. So what if, market maker will outplay everyone and push the price towards the 30k region? I mean, the price is resisting and not dropping lower, certainly there isn't enough liquidity to push it lower. That would be the most vicious and brutal scenario. Furthermore, the pump could happen fast, because there are a lot of buy stops above that could get triggered. Bitcoin was notorious for often going against the crowd and preventing regular traders from making money.
So keep that in mind and watch the risks.
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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.