Where did #BTCUSD drop too? You are correct if you said Institutional Demand!
When we studied this chart, we saw the early evidence of price dropping to at least 49k followed by a further drop to 42k. Those locations are exactly where Institutional Demand is. Using our precise Sherlock Analysis Process, we were able to identify those demand zones and the associated trend lines. Having done that, the next step was to pay attention to the sequence of events that were playing out on the charts, lowest to highest time frame.
These moves play out consistently in the market once you know what to look for and like a detective you have to investigate and observe every detail along with the chain of events. It's very easy to be tricked by the media and so called Bitcoin experts who claimed that price was going to 98k by Nov 2021. The Sherlock System predicted that once price broke the 60k, it will further decline to first 49k and then to at least 42k. Now, if the 39k is removed, we can see a further drop to at least the 30k.
In the mean time, Institutional Demand on the daily chart is still holding and I would prefer a proper candle close below 46.8k for its confirmed removal. Removal of this daily demand will provide us with the necessary structure to plan longs off the weekly demand. I would love to get in long further down on the chart once we have the proper signal and hold for new all time highs.
Conclusion
Historical analysis and study of the charts using the Sherlock Analysis Process will drastically change the way you look at the markets. Locating Institutional supply and demand can be very tricky at first and like everything else, it takes persistent effort. Your cannot get something for nothing. Once you have acquired the wisdom, knowledge and understanding, you now have the power to predict the markets.
Feel free to check us out at https://www.whiteoakfx.com and you too can have the POWER.