๐ฅBTC BULLS ARE HERE: a lot of confirmationsโ
Hi friends! The massive Bitcoin pullback happend which confirm the BUYERS power. Let`s compare two simmilar and famous patterns that shared in the TW for the last weeks.
๐ Most traders and authors on Tradingview expected a repeat of the bearish flag (channel) break down as shown in example #1.
As we can see, the price consolidated in the descending channel for a long time, after which the price broke its lower boundary. When Bitcoin fell to the key level of $34,500, the price and the bulls did not react to it in any way. The price fell by -46%. This is what shows the weakness of Bitcoin, and usually the whole market.
๐ Now we see a different picture in example #2. The price was also in a channel and formed a huge bearish flag.
After breaking the lower boundary of the channel and falling to the key $19,000 level, the price rebounded strongly. The rise so far is 20%. This is the strong technical confirmation of the BUYERS!
If you are trading a false breakout or using the DOM and Footprint scalping toolsto trade, there was a huge chance of making a great profit on this trade. False breakout of a key level is a strong pattern in itself, but the fact that there were a huge number of 500+ Bitcoins Whales orders on DOM was an additional confirmation to BUY.
๐ฉ At the moment, the main event of 2022 is the Ethereum merge and the further fate of the crypto market depends on how well it will go.
๐ฅThe strongest factor which could also affect the price of cryptocurrencies is the FED's interest rate and inflation. By the way, the August inflation report is out today, so be very careful, especially in intraday trading. I use the DOM is scalping, so i will try to identify the whales posiyion and open the trade with them.
โ Another confirmation is the WhaleMaps on-chain analysis and Footprint exchanges data which confirms the pressence of buyer. More than 50-60k BTC were bought by the whales (wallets with >10,000 BTC balance) in last two weeks. The main accumulation area is close to 20k.
Was this article useful for you? What would you add or remove in this analysis? Write in the comments!
๐ปFriends, press the "boost"๐ button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
๐ Most traders and authors on Tradingview expected a repeat of the bearish flag (channel) break down as shown in example #1.
As we can see, the price consolidated in the descending channel for a long time, after which the price broke its lower boundary. When Bitcoin fell to the key level of $34,500, the price and the bulls did not react to it in any way. The price fell by -46%. This is what shows the weakness of Bitcoin, and usually the whole market.
๐ Now we see a different picture in example #2. The price was also in a channel and formed a huge bearish flag.
After breaking the lower boundary of the channel and falling to the key $19,000 level, the price rebounded strongly. The rise so far is 20%. This is the strong technical confirmation of the BUYERS!
If you are trading a false breakout or using the DOM and Footprint scalping toolsto trade, there was a huge chance of making a great profit on this trade. False breakout of a key level is a strong pattern in itself, but the fact that there were a huge number of 500+ Bitcoins Whales orders on DOM was an additional confirmation to BUY.
๐ฉ At the moment, the main event of 2022 is the Ethereum merge and the further fate of the crypto market depends on how well it will go.
๐ฅThe strongest factor which could also affect the price of cryptocurrencies is the FED's interest rate and inflation. By the way, the August inflation report is out today, so be very careful, especially in intraday trading. I use the DOM is scalping, so i will try to identify the whales posiyion and open the trade with them.
โ Another confirmation is the WhaleMaps on-chain analysis and Footprint exchanges data which confirms the pressence of buyer. More than 50-60k BTC were bought by the whales (wallets with >10,000 BTC balance) in last two weeks. The main accumulation area is close to 20k.
Was this article useful for you? What would you add or remove in this analysis? Write in the comments!
๐ปFriends, press the "boost"๐ button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
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