There's a big lesson with the recent dump. We saw mass media loudly promoting the ETF.
Major news accounts talking about an imminent takeoff.
We often make the mistake that we can outsmart the market makers by been early in a game they want to play.
Before the real ETF approval came up, many people believed institutions will pump my bags, I'm earlier than them, but just today it was announced that BlackRock now owns 11,439 BTC, when and how did they purchased these that it didn't greatly influence price.
More people have understood price action and it is now more of a player verse player game, everyone wants to dump the market on who comes it last and that is why the bull run we are expecting will not coming like a thief in the night but more like a steady slow progression.
It's always the same trick disguised with another narrative.
Is it a coincidence that Bitcoin has been strongly rejected by the 0.618 at 48K, a key HTF level?
Well, we are still hoping for mild rejection owing to the way the whole ETF issue played out, we can say the players have been played, liquidity has been wiped.
Still early to decree if this has been the local top (HTF closures will provide further clarification) but the lesson is clear:
Every time we approach an important HTF level, news intensifies, and it's hard for people to protect the capital/watch the market from the trench.
This applies to the upside but also to the downside.
