Key Bitcoin Level....Price isn't random

in #steemleo5 years ago

What you gonna do Bitcoin? Up or Down?
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Price action has hit a 4hr support level so I would expect a least an upward reaction into an hourly area of support before heading lower.

There's a potential for price to hit a daily bullish order block down around 9715.

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What makes this daily order block so special to attract price down to it? Huge hedge funds and Institutional trading firms that actually move price (it isn't you and me- the small retail trader) typically buy and sell positions in order to hedge against price volatility. In this case a bunch of sell orders got placed which caused price to surge over the next 5 days or so. In order for the Hedge funds to recover from a net short order book, price needs to return back to the price their positions were sold at, at which time shorts will be closed. When a short position(s) gets closed a buy order is/are placed causing price to react.

Know this: price action is NOT random. There are very real reasons why price reacts off of support/resistance levels and order blocks.

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That;s absolutely true and I'm really enjoying how many other altcoins are seeing some green pastures at the moment, #LTC specially seems like a good option to me right now!

Litecoin is awesome and currently in the top 5 relative to Market Capitalization (according to coinmarketcap.com)!

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