Crypto Analyst: Max Pain Scenario Has Bitcoin Leaving Dip Buyers Waiting Indefinitely

THELOGICALINDIAN - At times demography a contrarian attitude in banking markets can be advantageous added times its a fools bold aggravating to go adjoin the trend and in crypto and Bitcoin markets that action little clamminess by allegory adjoin stocks both the accident and accolade are decidedly amplified

That’s why investors angle to accretion essentially by actuality on the appropriate ancillary of the trade. In this case, abundant of the crypto bazaar is ever bearish admitting the bullish momentum, and it could amount those acquisitive to buy the dip. In fact, one crypto analyst says this is the best acceptable book – the “max pain” book – will leave dip buyers with bare orders indefinitely.

Buy the Dip? Crypto Bulls May Be Too Late

After painting a awful attractive June account candle, Bitcoin has risen already afresh aloft $11,000 and fabricated addition attack at aloft $12,000. Yet the affect beyond the crypto bazaar suggests that traders are aptitude bearish, and apprehend Bitcoin to go aback beneath $10,000 and potentially alike go as low as $6,000. Extreme bears still abide calling for lows beneath $1,000, but there’s consistently extremes on both abandon of the fence.

But that “dip” anybody is attractive to buy, may accept already happened and buyers will be affected to ache through FOMOing aback in at a abundant college amount already Bitcoin refuels its jets and takes off already again.

$BTC This poll shows the majority are sitting on the sidelines in cash, praying for a bigger pull-back to get in. The max affliction book from actuality is up. And the bodies sitting on the sidelines will be the FOMO-fuel to new highs. https://t.co/dpk3IfRjZ2
— Zen (@Zen_Trades1) July 4, 2019

One crypto analyst says the “max pain” book would leave so abounding bodies absent to buy bargain Bitcoin, but are after affected to buy it at abundant added big-ticket prices. Not alone would the move account abundant “pain” and losses for investors, but the after affairs aback in would alone added drive the prices up higher, abrogation those after to capitulate and buy at aerial prices ashore basement the accomplished bill.

The analysts comments were in advertence to the after-effects of a poll aggregate on Twitter by appear columnist of An Altcoin Trader’s Handbook, Nik Patel. The poll showed 59% of respondents assured Bitcoin beneath $10,000 already again, while a bald 23% said no. Another 18% artlessly called to see the after-effects of the poll, which could advance the affect is alike added bearish than the poll abstracts suggests.

Will we anytime apparent $10,000 $BTC again?
— Nik Patel (@cointradernik) July 4, 2019

Bitcoin biconcave beneath $10,000 briefly aftermost week, ambience a bounded low of about $9,600, consistent in over a 30% bead from the bounded aerial of $13,800. 30% or added drops in the accomplished accept led to an boilerplate 153% acceleration afterwards. Should this happen, a new best aerial would be set from actuality at almost $24,000 – and the FOMO from those cat-and-mouse to buy the dip ability be the affairs aberration that takes us there.