While your favorite amateur analyst on Twitter is screaming BTC moon tomorrow (since 3 months ago) the reality is a little different. Going back up is a complicated and slow process dictated specifically by the law of supply and demand. Simply put we might not be done going down or being stuck inside a tight range. Some ranges last months and are followed by yet another months-long range. So why are we stuck on this weeks-old range? BTC does not feel cheap enough to create demand. Yes, it has proven itself as a worthy asset reaching 70K which tells us that it is valuable. The best way to look at it is like this: You know Bitcoin is worth up to 70K and it is currently at $29,500 which is quite a bargain, but serious buyers are saying that they would like it cheaper still. So, who are these "serious buyers"? They are whales, exchanges, and inside traders, they will use news or world events to push the price even lower so that they can buy a 70K dollar asset for as low as possible. When they have no interest in buying we get stuck inside boring sideways action, once they are ready to buy they lower the market and start loading up - it will show up in the volume.
Below you can see one example of a long-range that ended up taking us lower, big money loaded up, and the next small and big ranges took us up and away. [img][/img]
This is yet another long-term range that resulted in a big move upwards. [img][/img]
The difference between a range that will result in going down and one that will end up going up is visible in the volume, we'll dig into that later.
Keep this in mind: Exchanges are not your friends, they are a casino looking to separate you from your money. They win when you lose and lose when you win.
Warning: Big money has big patience and can wait forever to make a move, work on your patience and discipline.
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Comentarios
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Meanwhile, on the 1W timeframe, we are very very close to turning this week's candle into yet another red candle which will be #10. [img][/img]
@cryptoGats what is that zone of interest? Are we expecting BTC there?
cryptoGats
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There’s a good probability it could go there. The odds are getting higher that we could end up there but at this point it’s not certain. As we cross down supports the odds will grow.
Walter_White_2021
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It was worth 70k because of manipulation to the upside. It was obvious just looking at volume alone.
LaPiovra
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Week closed greenish and unexpectedly above 4h 200 MA for now also: does this make any diference you think?
cryptoGats
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@LaPiovra, Yes, it does make a difference. The move so far is positive but too early in the week. The most noteworthy part is that we've gone above the white descending line if we close above it that may bring in more buyers. [img][/img]
LaPiovra
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@cryptoGats, Tx that did not last very long, under 4h 200MA again, may be later an other attempt later on.