2021-12-30 03:08:05
I was preaching about this for awhile in my telegram, but thought it would be useful for some of you crypto holders here.
When BTC originally had this dump, we wicked to $42,000 before rebounding to $47,000. This caused a massive in balance in the market. It is essentially we recover the wick in order to begin our move up again. 9 of 10 wicks are recovered - check the chart. You won’t find an empty wick that hasn’t been recovered (i.e the price has moved gradually back down to the wicked area).
We had naturally a bit of a jump back after our first dump however it was all a bull trap to bring us back down to 42K - atleast what I thought. After multiple rebounds from 46K, we established strong support and the idea of “recovering the wick” was becoming widespread and talked about between influencers and mainstream media. I then believed we’d see a bull trap and THEN our move down.
So as of typing, 52K was rejected and currently trading at 46.5K region. Do you really think the Market Makers/Whales/Liquidity Providers are going to move the market up without recovering that wick, when every single time it has done so before? I highly suggest NOT to enter any long positions and to sell any of your assets, including alts with an intent to rebuy at 42K. Once we hit 42K, we will have a market reset & a strong rebound back towards new highs.
We’ll see how this ages…
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