A popular crypto strategist says Bitcoin (BTC) is forming a structure that tends to give traders sleepless nights.
The pseudonymous analyst Inmortal tells his 174,000 Twitter followers about Bitcoin’s recent pattern of long consolidation followed by a brief rally and then a deeper decline in prices.
“Lately there is a structure that is giving nightmares to many traders. Let’s see why it happens and how to trade it.”
He says that the structure has become so common because, during the bear market, most people trade against the trend. The problem is that there is no real demand during the downturn so average investors fall into bull traps and eventually get liquidated.
“On the way down, price finds areas of interest with enough liquidity to make the price stops and form what looks like a bottom structure, price rallies a bit and people FOMO [fear of missing out] buy it while big players use these moves as an exit.
There [are] no new players and real demand to maintain an uptrend so...
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