Given that the crypto market is down more than 60% and some alts as much as 90%, it tempting to take a long position. However, looking at the price action of BTC against USDT, there are price imbalances at lower prices which needs to filled in. It is tendency of the market maker bots to move the price to balance liquidate longs and shorts, especially the old ones.
Check out the image to see market levels, where the price is likely to go.
The dotted yellow lines are break of structure (BOS) i.e. price in the future crossed swing levels of the past. The BOS at the grey line was broken last week and currently trading below it. The BOS is one of ways to identify the price levels at which DCA accrue high profits.
The chart tells to go with the smart money. Until then, let's practice a bit of patience. :)
