Huge bounce incoming - bids set between 6.8K and 7.2K
Dear traders,
Intro: My name is Hugo, I am 24 years old and trading crypto currencies since late 2017. English is not my main language, however, I will try to explain everything brief and clear. Be aware that I am still in the learning curve. Every idea I post is not financial advice and is only meant for entertainment purposes only.
Analysis: In this scenario I personally think that whales want to squeeze longs down to 7K and then swiftly blast through 10K resistance. For this analysis I used the 'Fixed Range Vpvr' and the 'Fib Retracement' to see at what level I should set my limit buy orders. You can clearly see a huge support level at the 0.5 fib level. Therefore, I think lots of retail traders will sell if the 0.5 fib level breaks, which in turn will provide whales with a enough long liquidity to fuel a huge bounce.
Conclusion: I do not recommend shorting this to 7K. I do recommend setting limit buy orders between 6.8K and 7.2K. And of course always have your stops in place.
Goodluck!
Doctor Hugo
Intro: My name is Hugo, I am 24 years old and trading crypto currencies since late 2017. English is not my main language, however, I will try to explain everything brief and clear. Be aware that I am still in the learning curve. Every idea I post is not financial advice and is only meant for entertainment purposes only.
Analysis: In this scenario I personally think that whales want to squeeze longs down to 7K and then swiftly blast through 10K resistance. For this analysis I used the 'Fixed Range Vpvr' and the 'Fib Retracement' to see at what level I should set my limit buy orders. You can clearly see a huge support level at the 0.5 fib level. Therefore, I think lots of retail traders will sell if the 0.5 fib level breaks, which in turn will provide whales with a enough long liquidity to fuel a huge bounce.
Conclusion: I do not recommend shorting this to 7K. I do recommend setting limit buy orders between 6.8K and 7.2K. And of course always have your stops in place.
Goodluck!
Doctor Hugo
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