BTC dived to the 58k zone, is it now bearish?
After consolidating for some time along 63k-64k, BTC dived to 60k then to the 58k zone just a few hours ago. Im sure the bear team are all excited, however the KDJ oscillator in all short term time frames is still saying that the selling pressure is weak.
If the selling volume is weak, then why is the price down? Well this usually happens when someone holding a huge stack of BTC sells at market price.
When someone sells at market price, the system will immediately settle all available sell orders. So we see price drops like crazy, and then eventually recovers. Yup in this case price will most likely bounce back to where it left off.
I hope I'm still making sense. đ It's hard to explain when you just woke up and you're feeling tired and sleepy.
Back to BTC, if you'd like to jump in, we have a good KDJ support at 59.1k. If you're trading in spot, you may start DCA at 59.1k. If in futures, wait for the candles to consolidate, don't catch falling knives please, then long at 58.2k or somewhere below it.
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