Low volume, false breakdown (shakeout) will be followed by epic short squeeze. Past weekly volume was lowest since October 2020 meaning institutions & other large players have stopped selling. The more recent decline has come from short sellers and retail. This is a bottoming process.
Many other altcoins looks to be in the depression phase of the market cycle w/ similar bottoming processes. Bitcoin needs to breakout towards $38K and we'll have liftoff
Many other altcoins looks to be in the depression phase of the market cycle w/ similar bottoming processes. Bitcoin needs to breakout towards $38K and we'll have liftoff
Commentaire:
Broke support and reclaimed overnight. Dropping the hammer on better volume today. Looking for the short squeeze over the coming days if Bitcoin can hold this reversal. Buying here on support is the best upside/downside risk ratio entry - just place a stop below the local low that was just set.