BTC Sustained Buys

7 日前

Btc has shifted into a state of consolidation which suggests that some profit taking is occurring right now.

BUT

This also means that orders are being acquired - as this is one of the main purposes and causes of what we see as consolidation.

Traders becoming interested in both buys and sells at the same time. In hopes that it would actually either buy or sell.

I can see a reality in which a trader can make a case for both buys and sells here although if I am being honest. Buys definitely make more sense to me.

As the momentum is clearly bullish and this consolidation is simply a way for the market to capture some liquidity so that it can continue with what is has been doing all along.

Another reason I believe that buys make more sense is because if we look at the green zone (Where price seemingly reversed) we can say that in fact in didn't reverse as if it did it would have not only dropped much further, quicker but it would not be floating at such a high price just after a "would be" reversal.

Remember the purpose of a reversal is to get rid of traders who were following the trend all the time, which means it needs to happen quickly or else the market risks those same traders catching on to the trick (manipulation).

I believe the green line is plausible for BTC's next move. Take out buyers below this current consolidation and then continue bullish from here - most likely beyond the high (green zone)