$BTC When numbers speak, on-chain analysis doesn't lie!
Regarding today's trap
As I warned you a few hours ago (check the screen or review the last posts)
The movement of 5000 Bitcoin from the Metaplanet wallet was not just a routine transfer; it was the "zero hour" for the beginning of the distribution today.
What happened?
- I pointed out the rejection area at 74,800
And indeed, the price touched it and rebounded strongly.
- The price dropped "betrayingly" breaking 74,000 and reached 73,492 (a violent bearish candle) to hit the stop losses of those who thought we were continuing to rise.
- The evidence: We tracked the company's wallet, and we found the movements started showing their effects immediately on the order book, which made us anticipate the drop before it happened.
Current situation:
The rebound above 74,000 is an attempt to absorb the shock.
But as long as we are below 74,800, the "trap" is still active and caution is necessary.
To eliminate the betrayal scenario, we need to see a one-hour candle closing above 74,800. As long as we are below it, the seller is still in control, and the next target could be a deeper correction.
Congratulations to everyone who activated stop orders and survived these red candles🙋♂️
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