Bitcoin update: This market has been going no where since the dramatic price spike 8 days ago. What can we learn from this price action? For one, this market is NOT weak. For those who do not know, weak markets do not linger near resistance areas, they reject them quickly. Now that price is floating through the bearish resistance line, it is a matter of time (or catalyst) to spark the next move higher which is in position to reach what price?

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7 Responses
  1. dieter1983

    One of my favorite articles. Gives hope for the failure I have made in January and until now never sold. Some coins might never come back some maybe, BTC will.

    It makes me scared to invest more but am taking the risk to lose more. Luckely not spend all in December 17

    I just find it hard to believe we will not go down more. Is the institutional money not higher/ stronger then the money waiting from small investors to buy BTC at 5800? Time will tell. Anyway very learnfull and in one year I learned to be patient and learn by small trades. On paper or with 25usd. You need some luck too. My long-term PF is red, short term green. Dipbuying WaBi was a good move. Lucky shot? Maybe. They money I made with such trades is waiting at lower levels to buy again. I can assure you it is hard to see it standing there 🙂 waiting for a train that might have no returntrails

    Many thanks as always to the SC team.

    1. Marc Principato

      Hi there and thank you for sharing your perspective. You are correct there is a high degree of randomness, as long as the structure continues to be supportive, it is reasonable to expect higher prices in the main coins at least. Wabi is one of those extremely high speculative coins, but fundamentally, they at least have a product. Patience in and out of the the market is what will benefit you more than anything else. I am glad you are seeing some improvement in your decision making at least. Thank you again for sharing.

  2. kaskassa

    Thank you very much for this insightful article regarding institutional investors and their entrance into this market and their different behavior and mentality from retail traditional crypto investors.
    I would like to know how you reached to the point that this current market bottom is bottom for them too, I mean whether they have same perception now ? from your article I understand they try and tried to force traders to shake out around 6100 rate and as it is/was not successful anymore it is a sign of bottom as chart naturally confirms it. Is my understanding correct ? an important question.

    1. Marc Principato

      Hi and thank you for your question. We go by the structure that appears on the chart. They can’t hide the effects of their order flow on such a large degree. There is no specific “level” or number that they intentionally “plan”. Large players instigate reactions so that they can get large orders filled at better prices. This market can revisit sub 6K levels, but until it does, we are using the 6K area as our point of reference. It is more about liquidity than it is about a specific price. Thank you again for your question.

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