Two Possibilities for Bitcoin. Here's What you need to know.
Are you ready for some hot Bitcoin talk? Buckle up, because this ride is about to get wild!
Let's start with a word of caution: holding a long position in Bitcoin right now is risky business. There are two possibilities looming on the Bitcoin Chart that both end in a price dump. Yes, you read that right - TWO.
BTC recently touched $20,670 and promptly showed a decline. One possible explanation for this is the clearing out of liquidity sitting above the trend line, which could trigger buy-side orders. But if the liquidity has indeed been cleared and the buy orders triggered, there's a high chance that those orders will be liquidated before the move. And for that to happen, Bitcoin needs to dump and liquidate the buyers. Are you feeling the heat yet?
But wait, there's more! The second possibility is that BTC will tap into the imbalance zones created by yesterday's massive price dump and touch $21,800. It might hang out in that price range for a bit, generating some liquidity, and then - BOOM - show a huge dump in price, all the way down to my point of interest, which is the 18k-19k zone. I've discussed this zone in previous ideas and it's definitely something to keep an eye on.
So, what's my strategy in light of these possibilities? I'm not jumping into anything just yet. I'm going to wait for the price to come to my point of interest and look for confirmation before buying in at that zone. If not, we'll come up with a new scenario.
Meanwhile I'm printing money in executing selling positions of Alt Coins listed on Binance Futures Contract.
Let's start with a word of caution: holding a long position in Bitcoin right now is risky business. There are two possibilities looming on the Bitcoin Chart that both end in a price dump. Yes, you read that right - TWO.
BTC recently touched $20,670 and promptly showed a decline. One possible explanation for this is the clearing out of liquidity sitting above the trend line, which could trigger buy-side orders. But if the liquidity has indeed been cleared and the buy orders triggered, there's a high chance that those orders will be liquidated before the move. And for that to happen, Bitcoin needs to dump and liquidate the buyers. Are you feeling the heat yet?
But wait, there's more! The second possibility is that BTC will tap into the imbalance zones created by yesterday's massive price dump and touch $21,800. It might hang out in that price range for a bit, generating some liquidity, and then - BOOM - show a huge dump in price, all the way down to my point of interest, which is the 18k-19k zone. I've discussed this zone in previous ideas and it's definitely something to keep an eye on.
So, what's my strategy in light of these possibilities? I'm not jumping into anything just yet. I'm going to wait for the price to come to my point of interest and look for confirmation before buying in at that zone. If not, we'll come up with a new scenario.
Meanwhile I'm printing money in executing selling positions of Alt Coins listed on Binance Futures Contract.
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