BTC Longs VS Price Action
Hello Everyone,
Here is bitcoin longs vs Price Action. Please notice the steepness in the drops that led to 20%+ price corrections. I am thinking a correction or major sell off is near.
No matter what your current stance on market cycle is, I would be patient on opening long positions. Buy red - sell Green.
Here are my technicals:
1. Weak Price Action: PA was very similar to that of April-May Time period where we saw large corrections and failures to make ATHs.
2. OverBought RSI: To return to the mean, we must see consolidation or correction.
3. Long Steepness in selling: in the past this led to 20%+ corrections.
4. Weak Volume: Indicates Bulls losing short-medium term strength. Again signaling a correction is near.
I believe we will see a correction. Whales seem to be looking to liquidate positions through manipulation. I would be patient if you're looking to long here.
As always Be patient, use risk management, and good luck trading.
Here is bitcoin longs vs Price Action. Please notice the steepness in the drops that led to 20%+ price corrections. I am thinking a correction or major sell off is near.
No matter what your current stance on market cycle is, I would be patient on opening long positions. Buy red - sell Green.
Here are my technicals:
1. Weak Price Action: PA was very similar to that of April-May Time period where we saw large corrections and failures to make ATHs.
2. OverBought RSI: To return to the mean, we must see consolidation or correction.
3. Long Steepness in selling: in the past this led to 20%+ corrections.
4. Weak Volume: Indicates Bulls losing short-medium term strength. Again signaling a correction is near.
I believe we will see a correction. Whales seem to be looking to liquidate positions through manipulation. I would be patient if you're looking to long here.
As always Be patient, use risk management, and good luck trading.
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