BTCUSDT. Price got out of the Channel

٦ ديسمبر ٢٠٢١

Just an OPINION if it is useful PLEASE LIKE and FOLLOW.

Hello Traders,

What we see:

1. Price broke out of the channel, marking a TEMPORARY end to the uptrend on the daily timeframe (the general trend is still bullish for us).

2. Increasing sell volume on the daily (circled in black).

3. RSI in oversold territory.

4. Sentiment now is in extreme fear. Value is 16 (very low) (alternative.me/crypto/fear-and-greed-index/)

5. The 4hr MACD divergence not seen here has been invalidated.

6. Very strong support between 38k and 41k.

7. This dump was all about liquidations. They liquidated even the 2x and 3x margin.

We expect the price to retest the 50k - 52k level and consolidate at around the 38k and 41k zone. If that does not happens our worst case scenario would be a consolidation at around 30k.
If we are extremely lucky, this dump can act as a fake breakout out of the channel and come back inside and resume the daily uptrend but it is very unlikely.
If you were on of the traders who are trapped, wait for the retest to get out, and wait till the trend resumes upward. No need to panic you can simply buy at lower prices.
We think this is a lesson for all people who were leveraged, leverage is good if you do active trading (2x max) and put adequate stop losses but it's never good for a buy and hold mentality because eventually people will get liquidated.

For now, just sit and watch, and wait for the trend to resume. We will be updating on important events.

Step by step is the best way, live to fight another day. Best of best my friend.

Robertus.