Bitcoin is just correcting its very long inventory. No need to worry for longer-term holders! It is just substituting weak-hand longs for stronger ones!
Based on profiles from week 25 to week 27 of 2019, we've had an aggressive buying by short term traders which is very evident in week 25.
In week 26, we got an excess high due to high liquidation by these day timeframe traders as approaching heavy resistance around $14000 level.
During week 27, very short-term traders started to buy the dips and this pushed the prices higher. However, since this bounce occurred by weaker hand money, as it is evident by "poor low", it was unable to reach previous high at $14000. Note that the auction to the downside is NOT COMPLETE due to lack of a good base for this bounce!!!
I expect the current week bitcoin liquidation will continue to the prominent POC of week 25 where a major support by longer term holders is laying at around $9100. Go long there if you witness a solid strong base. The targets are previous high at @13800 and (if conviction is strong) $16800.
Based on profiles from week 25 to week 27 of 2019, we've had an aggressive buying by short term traders which is very evident in week 25.
In week 26, we got an excess high due to high liquidation by these day timeframe traders as approaching heavy resistance around $14000 level.
During week 27, very short-term traders started to buy the dips and this pushed the prices higher. However, since this bounce occurred by weaker hand money, as it is evident by "poor low", it was unable to reach previous high at $14000. Note that the auction to the downside is NOT COMPLETE due to lack of a good base for this bounce!!!
I expect the current week bitcoin liquidation will continue to the prominent POC of week 25 where a major support by longer term holders is laying at around $9100. Go long there if you witness a solid strong base. The targets are previous high at @13800 and (if conviction is strong) $16800.