It seems someone is setting up their positions around current level 6K

[AICoin_Official]

For a newcomer to cryptocurrency market, 6K is a shocking low price, if someone is setting up positions around such level, will price breaks below 6K or it will fly from current level?

See the analysis from a Chinese analyst Kuang Ren, please feel free to leave your comments below:

Judging by the volumes on daily chart, however, we see another lower shadow around support level with expanding volumes. Price move shares a similar pattern with that around $8,000. How about the strength of support?

The surges as circled indicate that funds are setting up their positions before price climbs to next top, which has nothing to do with a continuous upward move, however.

Usually, it takes long before main funds with huge amounts of bullets set up their positions completely and even a drop by 50% is still acceptable to them, making it unnecessary for us to rush into the market. Along with the price move, a small part of your money is enough to deploy your own setup.

Therefore, price may move forward with 2 possible patterns:

Price will gain pace in downward move with expanding volumes and breaks below $5,500, the worst thing is that price slumps to $5,000, at that time, if you see a lower shadow with huge volumes on hourly chart, just buy it without any hesitation.

On the other hand, price may also consolidate around $6,000 with a small-range rally, making it possible for BTC to start a short-term pullback or move back above MA 5.

We’re confident about retesting $8,000 - $10,000 if price remains above MA 5 again, by that time, it is still not late to add to your positions.

No matter how price moves, chances for short-term profits are high. For day traders, keep cautious about the change in trend, the bottom is still not formed for long-term traders, however, if you want to buy at the very bottom price, you can keep waiting as panic sentiment among investors has not been completely released.

Original by Kuang Ren, translated and posted by AICoin Jami.

[Wilhelm]

Trend seems to be getting more positive.
I see recovery in the near future ...

[nl247]

I still believe things are going to get better soon. It is still very late to assume anything now, even with the fact that the selling have halted a little bit, so until there is a clear sign before knowing what we have next. However, I decided to add to my position at $6000, and if we get to see more, then good and fine for the long of it. Like Wilhelm mentioned, recovery is inevitable, just the same way what just happened with the market was.