Yesterday price drop from around USD168-170 range to USD134-135 (based on the pair of Binance that calculated by www.tradingview.com), we track and guess that maybe the major dumping selling pressure is coming from whale bullish buyers, not from whale bearish seller.
The question is: Why they are willing to take profit at this level(USD168-170)?
We guess maybe it is
1. This price range is the previous high price range at the end of 2018 and at the beginning of 2019. There are lots of floating stuck holders selling pressure.
2. They hold more cheaper cost(i.e. around USD105-to USD110), taking profit at this level is still profitable, and they are planning to buy a better cheaper price if price trend is still bullish.
Maybe It is Push Down to Buy Strategy.
Above guess maybe be valid if the price could be kept above 120 to 128, then it is still bullish.
The question is: Why they are willing to take profit at this level(USD168-170)?
We guess maybe it is
1. This price range is the previous high price range at the end of 2018 and at the beginning of 2019. There are lots of floating stuck holders selling pressure.
2. They hold more cheaper cost(i.e. around USD105-to USD110), taking profit at this level is still profitable, and they are planning to buy a better cheaper price if price trend is still bullish.
Maybe It is Push Down to Buy Strategy.
Above guess maybe be valid if the price could be kept above 120 to 128, then it is still bullish.
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It just hit our estimated range (128 to 129, black dash line)
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Happy Range Trading
