ANOTHER SET OF REASONS AS TO WHY BTC NEEDS TO RETRACE ON ITS LOWER LEVELS BEFORE CREATING A MASSIVE PUMP (A MUST READ!)
We have identified potential long positions for scalp, intraday, swing and position trades although since we want to continue observing, become more patient and reacting at the right time. The moment to enter them is not yet right now. There may be sudden impulsive candlesticks in the market which is pretty normal considering how volatile the crypto market is. However, these impulsive candlesticks have significance of their own. Whenever the market have these impulsive candlesticks and the overall long-term direction is clear. It's due to the fact that many traders are still testing prices and as well as the key players doing shakeouts to create and take some liquidities in the market.
So what's next for BTC?
Let's say BTC continues to move in a ranging market structure although since it has already hit above ATH many would say that this is its distribution phase already which may become possibly valid. Since the current market suggests these possible facts we are going to continue observing it until this phase is over.
Looking at it with the perspective of the overall crypto market and not just with BTC's current market structure.
Most alts have already experienced some significant markup and there are also some that are trading below their major support which are likely accumulating for their own markup phases. Since this is the case, we can identify these alts as highly in demand for there will be extreme buy orders from those zones. The realistic approach to this would involve test of patience for both buyers and sellers. Once the selloffs are ultimately taken by buyers, we can then see these supplies depleting until the need to enter the accumulation phase will come. You may check these tokens that are trading below their major support: GTC, EOS, CVX, etc. and also those tokens that have experience extreme level of decline already. Those selling pressure will most likely die down expressing a need for buyers to step up.
Do you know other possible factors for BTC's next price action?
Yes, there are a lot of other possible factors for the next price action of BTC although this 1 will strike you with curiosity. You will notice altcoins that will have their leverages altered and these can be from 50x to 75x and so on. What does this tell us? One would say that they are preparing for major selloffs using these leverages which is pretty normal in the crypto market. Although, best possible purpose of this leverage would be to aid buyers in ordering altcoins at their least possible prices with best options as well. Imagine you get the chance to do high leverages at the lowest possible price (considered to be the best area to buy) for altcoins. Coupled with risk management that you can apply to ensure your funds will survive the accumulation phase of the market towards the markup phase.
Always remember. Trading in the crypto market is a matter of perspectives. Those who trade with psychology and not emotions are the masters of the trading game.
Stay wise, trade cautiously.
