Not time to test the bottom yet!Hi, all the TradingView readers. We suddenly decided to go out of the Telegram frames (having 30k subscribers on the channel and 20k bot users) and show up on the TradingView to send our ideas and messages more precisely.
Let’s examine the topic thoroughly. Currently, we see a slight correction started from 7120. Under the correction, the price has fallen slightly lower than expected. But we were able to catch the right time to average it out and now we are in the channel having profit.
For some reason, everybody’s claiming that the current correction is just the end of the story and we’re going to renew the bottom price and all the other weird and mostly factless thoughts. I mean, indeed, the correction is real cause’ the growth itself was quite noticeable. In the moment, we are monitoring Stoch RSI (our preferred indicator) which clearly shows (on 4H and 1H) that it's going to reverse. This kind of the significant indicator’s fallen usually notifies us of an upcoming collection and a potential indicator’s reverse motion.
In addition to Stoch RSI, we are quite interested in LONG&SHORT BItfinex and monitor it as well. It shows an exciting thing now. Short positions have been closed while falling, long positions have been opened in the same moment. Short and long positions crossing happened on the falling stage, not on the raising one. Which is quite strange to us. After all, the crowd of traders never act like this. People trade more in the direction of price, not vice versa. Cause’ it’s not a good time for this now. So you certainly can determine the “big player” moves, who’s trying to hold the long position.
It’s too early now for renewing or testing the price bottom as we're still not on the strong downward line, which holds out for six month already, constantly killing our hope for the bright Bitcoin future.
To push away the line we should reach it first. And we will definitely reach it with the price of $7400-7600 per coin. On this point we can finally start considering the strong short position and the bottom price testing.
Well, probably, it won’t ever happen. Cause’ if you attentively check the motion pattern of the chart, you’ll notice the very last raising hump is quite different from all the others. The new hump is based on the bigger values and it grows in a slower way while all the previous humps consist of the impulse candles. It can be considered not just a hump but a future flat causing an impulse. Under the possible ETF approval, we may finally get out of this triangle by the end of September and will “draw” something new and quite intriguing.
We’re certainly keeping in mind a situation of the stock going to the very bottom. But it’s highly unlikely as all the indicators suggest the opposite. However, it’s still a crypto, where everything is possible)
So we are still holding a long position.
Thank you for reading this! Welcome and Follow our daily analytics in Lemon Insiders telegram account to stay up to dated!
Sincerely, Lemon Insiders Team
