BTC 4HOURS UPDATE PSYCHOLOGY ZONE !!!!!!
I talked about filling the wick for the last few weeks and now we've done so. How did I know this in advance? Price action leaves clues, and it is up to us to remain neutral to be able to decipher them and hedge our moves accordingly. this was what I had some time last week the BTC was supposed to draw down the more to take out liquidity.
Which is the Stoplosses placed below the wicks, by traders like you and me
Notice that the market sentiment is really bad now. This is only normal as we approach the bottom of a range, where fear is at its peak and this is prime time for a reversal. Reversals don't happen immediately as they need to shake people out a bit more to make sure that they have lost faith in this market and taking their money by hitting their Stoplosses as I have mentioned earlier. This is to force people to start selling their positions (panic sell) or (panic buy), which would cause an influx in short positions, and then the long positions would take over. I think this is a prime case of that.
If you look at the historical price action, what have we seen as well with BTC recently? We form more of a double bottom after a crash rather than a V-shape recovery. Details like this are important because they can help you understand and predict what will happen next. I think the bottom of BTC is almost in before we now enter retracement.
There is one more scenario where we plummet straight to around 30K, which I know in the short term would be very painful, but it would actually be rather good news. So that is something we can keep in mind. I hope you've been enjoying these updates on my post as I've shown you how I've come to the conclusions of what has happened in the market before it occurs., To Be Continued....
Thanks for reading guys
Posted Using LeoFinance Beta
