Today again indian stocks will crash, expecting below 8k in 7k zone. Oil broke its 18 years low. US futures 700 points down, DONT TRADE NOW. NIFTY TARGETS should be 6500 TO 7000
So the questions that everybody is asking are:
Why did BITCOIN dump so hard?
Why did BITCOIN bounce so hard?
Where is the BOTTOM? Is this the BOTTOM?
Institutions/Whales MARKET SOLD around 8k level to cause a drop in Price. Retail traders' STOP LOSSES below the 6k swing low got hit causing further drop in Price. They all got Liquidated causing a snow ball effect (their STOP-LOSS order became SELL ORDERs). It was Manipulation + the Corona Virus effect.
It bounced for 2 reasons probably: first of all Institutions/Whales closing their SHORTs with their LIMIT BUY orders at lower Price and also because of retail traders willing to buy at that level, exactly at the POC of the VPVR indicator, the HIGHEST VOLUME NODE.
BOTTOMs are pretty much impossible to find. You might get lucky if you keep buying everytime it drops lol. Don't look to buy BITCOIN at the lowest point possible because you will never find the tool to do so. Instead wait for a CONSOLIDATION period and try to understand if that consolidation is an ACCUMULATION or a DISTRIBUTION phase by looking at patterns, candles and Price Action.
REMEMBER if this is a BOTTOM, Institutions will do the best they can to ACCUMULATE as many BITCOIN as possible. So Price has to go sideways first!!!
*_Important News_*
▶️ As per Resources Today Donald Trump will declare Full US lockdown bcz of CORONA , thn big moments in market.. actually now High Spread and Lots of volatilitys..
*_So Please don't take new position , Close Trade & Best Way Away From Market_*
Btw... $8000 is the KEY point for me. Since last time it dropped from $8000 down to $6000 in one shot it can do the exact same upward. So $8000 is the key level. Not sure if it will be reached or if it will dump without reaching it but 8k is the real resistance level.
What if this Corona Virus kills our Economy so much that Miners will have to shut down their machines in order to save on elettricity not being able to pay for it... what do you think would happen?
Bitcoin at 1k. #when1k
The Stock Market is dumping HARD man... Holy Shit!
I think we made HISTORY (March 2020)... We never had such a FAST CRASH ever... -30% in 2 months in the stock market (TRILLION OF DOLLARS WIPED OUT), this is something our children will be talking about when they grow up.
Pretty much ALL ALTCOINs dumped at the same time. The same ALTCOINs bounced at the same time 40%, 50% some even more. Just wait until the dump more since Whales must lock in Profits.
You really don't need to scan the market because you will see the exact same thing on all coins. FOCUS on the top ones: BTC, ETH, LTC... you don't need more to make some money.