Bitcoin Price Diary: Long BTC and Profitable on Many Altcoin Positions

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Each setup looked good, but the MATIC movement spooked the market and caused a ripple effect that saw temporary price depreciation across the board.

I am presently long Bitcoin from $7,100 after taking two other positions that closed even or in a slight profit this week.

I decided to enter a position at $7,100 when the price dropped down to the previous swing low at $7,080 and then bounced.

At the most basic level, when price wicks slightly below a previous swing low, it's an indication that liquidity has been engineered by a whale.

In this case, it seemed likely that they pushed price down to compel retailer traders to take shorts, and also to fire existing stop losses on long positions - thus creating a ton of sell orders to buy into.

The price is showing a potential bullish divergence with the RSI on the daily chart, which would be a likely signal of a bottom.

The price was forming a pennant at support before the Binance shakeup.

The MATIC move caused the price to drop through support at.00000080.

The price continued to test the.00000070 support, dropping below by 1 sat but never reaching my stop loss.

The price then formed a descending wedge, where it is currently breaking up from.