$BTC determined to torment small investors!
After more than a month of accumulating in the price range of 93k - 98k, yesterday it seemed that BTC would stop and drop at the price level of 92k, but last night BTC continued to experience an extremely large supply force causing the price of BTC to drop further for individual investors to the price level of 86k. The main reason is that at the drop level of 92k after the supply and demand test point, there was no demand force coming in, but instead, there was an extremely large supply along with the top coins in the market not having consensus in the behavior of organizations like ETH (accumulating), SOL (short-term downtrend), DOGE (short-term downtrend), BNB (short-term downtrend),... Therefore, the demand force from organizations is still not enthusiastic about participating in pushing the price of BTC and the top coins in the market, so the process of dropping to find a more reasonable price level for organizations is inevitable.
And today, the most positive scenario for BTC and the top coins in the market is that BTC and the top coins that are in a short-term downtrend (BNB, DOGE, SOL) create a short-term bottom when starting to have a spike in volume (one of the two signals to create a bottom according to the WICKOFF method) entering at the price level of 86k of BTC. And if today we see BTC recover at the price level of 89k and a sideways price level around 87-89k (the supply and demand test area) similar to the period when BTC tested the supply and demand area of 53.5k - 54.5k on 09-8-2024, then we start to wait for a confirmation of the short-term downtrend bottom of BTC similar to the bottom confirmation of BTC on the session at 03h on 09/9/2024.
As for the current scenario, it is still a short-term downtrend, so we should not rush and continue to observe to avoid catching the bottom in the current phase!