I am sure you have heard about BitCoin cryptocurrency and you’ve heard many friends tell you that you should be buying this cryptocurrency or you will miss the train. Have you ever wondered when and how to buy BitCoin cryptocurrency? If you are trading cryptocurrencies using a cryptocurrency trading strategy, you may have been surprised that your recent buy orders may have been a loss. Why? Because BitCoin BTCUSD is correcting after a very strong impulse that created a strong demand imbalance around $9.350.
Many cryptocurrency intraday traders may have realized that BitCoin has been moving erratically for the last weeks. It has nothing to do with ghosts trading in the background or cryptocurrency miners, it’s just how cryptocurrencies move and how the financial market behaves after a strong movement. Why is it that BitCoin cryptocurrency is dropping so strongly?
If you were looking at BitCoin cryptocurrency wearing supply and demand glasses, you would have noticed there was a huge impulse that becomes an imbalance around $9,350. See how prior BitCoin supply and demand analysis and forecast played out nicely, it was called way before it happened. We discussed the old imbalance in a previous BitCoin technical analysis last November 2019, go and check that analysis together with the YouTube video included in it.
Right now we are waiting for the retracement to the strong weekly demand imbalance. We are patiently waiting to expect that price does not change the market dynamics before the pullback happens to that BitCoin BTCUSD impulse.
Pools of supply and demand imbalances are created in all BitCoin timeframes, you must know what these imbalances look like and what they mean before you decide to take a trade on BitCoin. The BitCoin technical analysis video below is doing a long term analysis of the monthly timeframe, intraday and shorter-term positions are not explained, those are different monsters.
Our supply and demand forecast and prediction for BitCoin crypto currency is explained in this analysis and also in the video technical analysis below. If you are a short term trader or scalping BitCoin for profit then it’s a different story and analysis.
If you want to learn how to trade BitCoin and other Crypto Currencies using our proprietary supply and demand strategy, join our supply and demand trading course. You will be welcome to join our trading community.
Watch BitCoin cryptocurrency video forecast technical analysis below.
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