So the questions that everybody is asking are:
Why did BITCOIN dump so hard?
Why did BITCOIN bounce so hard?
Where is the BOTTOM? Is this the BOTTOM?
Institutions/Whales MARKET SOLD around 8k level to cause a drop in Price. Retail traders' STOP LOSSES below the 6k swing low got hit causing further drop in Price. They all got Liquidated causing a snow ball effect (their STOP-LOSS order became SELL ORDERs). It was Manipulation + the Corona Virus effect.
It bounced for 2 reasons probably: first of all Institutions/Whales closing their SHORTs with their LIMIT BUY orders at lower Price and also because of retail traders willing to buy at that level, exactly at the POC of the VPVR indicator, the HIGHEST VOLUME NODE.
BOTTOMs are pretty much impossible to find. You might get lucky if you keep buying everytime it drops lol. Don't look to buy BITCOIN at the lowest point possible because you will never find the tool to do so. Instead wait for a CONSOLIDATION period and try to understand if that consolidation is an ACCUMULATION or a DISTRIBUTION phase by looking at patterns, candles and Price Action.
REMEMBER if this is a BOTTOM, Institutions will do the best they can to ACCUMULATE as many BITCOIN as possible. So Price has to go sideways first!!!
For future any queries
Ask @luckys
