Core

Elite

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Daily

Doctor Profit, a top-notch analyst and well-known trader on Twitter, <a href="https://twitter.com/DrProfitCrypto/status/1690858381689425921?s=20" target="_blank" rel="noopener noreferrer nofollow">recently shared his insights</a> on Bitcoin’s trajectory. Here’s a breakdown of his analysis: 
EMA50 Daily Importance: In his previous reports, Doctor Profit emphasized the significance of the EMA50 daily for Bitcoin. He noted that Bitcoin successfully broke out above the EMA50 and even retested it multiple times. 
Liquidity Pools: Due to Bitcoin’s sideway movement, there’s a substantial liquidity pool at $30,500. The pool at $32,000 was recently emptied by traders, making it less significant than it was in the past two weeks. It appears that some retail investors have taken profits or closed their positions during this sideways trend. 
Shorting Strategy: Those who have been following Doctor Profit’s trades over the last 60 days would be aware that he has been accumulating short positions between $31,800 and $30,000. He plans to continue this strategy, with his next target zone for placing short orders being the $30,500 region. His ultimate goal? A significant short towards $24,000 this year. This strategy, he emphasizes, is not for day traders or gamblers but requires patience. 
Technical and Psychological Analysis: Not much has changed from the previous week, with Bitcoin continuing its sideways movement. However, Doctor Profit has identified two smaller liquidity pools at $28,800 and $28,300 as potential targets on shorter time frames. He remains extremely bearish since the 31k region and believes that the local top has been reached. 
EMA50 Breakout: While the EMA50 acted as resistance recently, Bitcoin managed to break out. However, Doctor Profit is skeptical about this breakout’s authenticity. He believes it’s not based on genuine volume but rather on significant leverage. He predicts that Bitcoin losing the EMA50 is imminent. 
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Strategy Going Forward: Doctor Profit’s plan is straightforward. He intends to keep his shorts open from the 31.8k – 30k region and add more shorts if the market revisits the $30,500 mark. He has no plans to take profits from any of his short positions and is content with the current market situation. 
Message to Bulls: Doctor Profit sends a clear message to over-optimistic bulls and top buyers, asserting that they are mistaken. He firmly believes that the main target for Bitcoin remains at $24,000. 
Important Events This Week: Investors should keep an eye on several key events: 
<ol> 
 <li>Tuesday: Core Retail Sales m/m</li> 
 <li>Wednesday: Meeting Minutes</li> 
 <li>Thursday: Unemployment Claims</li> 
</ol> 
Doctor Profit’s insights provide a valuable perspective for those navigating the crypto market. It’s crucial for investors to always do their own research and seek advice from financial experts before finalizing any investment choices. 
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The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/elite-trader-decodes-bitcoins-29000-position-heres-his-btc-trading-strategy/">Elite Trader Decodes Bitcoin’s $29,000 Position – Here’s His BTC Trading Strategy</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.

Elite Trader Decodes Bitcoin’s $29,000 Position – Here’s His BTC Trading Strategy

CaptainAltcoin

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