🅱️ Bitcoin Short-Term Update (Sideways Continues)

2 Jul 2023

Last hour we had another shakeout, a lot smaller compared to the one that took place 30-June.

Remember that trade idea I wrote about shakeouts?

Here we can see that the shakeouts are happening to the downside, removing/killing longs. The reason is because the market is bullish so far.

The bias is upwards and thus the players that are being shaken out of their positions are long players.

If the market were bearish, we would see shakeouts happening to the upside... Remember, things can change.

Sideways action continues which is the current state of Bitcoin.
As Bitcoin goes sideways, the Altcoins grow.

Many Altcoins are moving forward, hitting new highs, attracting buyers, volume, action... This is what is happening, this is what we know.

With this kind of scenario, we can expect additional growth.

Short-term swings can be considered noise, the bigger picture is up; Higher highs and higher lows, long-term.

Namaste.