Tough days. This is one of the most bearish price action I've seen in the last 2 years there is litterally no retracement only dump even in low uts. And what is even more concerning is that open interest is still very high and fundings are almost no negative after a 50% correction, you can easily guess oi is mostly high because of longs considering of the timings where oi pumped and cause of the funding showing that there is not that much volume in short in comparison to longs.
In addition as I showed in my last ta SP500 is pretty bearish and as we know how much its correlate to BTC...
I'm pretty scared that we slow dump till we trigger a major liquidation cascade because of the lack of buyers and of the bulls being too leveraged.
So I think a retest of the "2021 biggest support" is very likely at this point I almost want to say inevitable but it would be disrespecting a major trading rule
"nothing is 100% sure".
After we've retested the support I think there is 2 possibilities it's difficult to say which one is the most likely at this point we'll see in the next weeks but the 2 possibilities in my opinion are :
-we trigger a major liquidation cascade and goes below the major support but smart money is using liquidity to massively market buying, making a sfp and bull market can resume.
-we trigger a major liquidation cascade and goes below the support but sadly price is still considered too high for the institutions so we just pullback and then continue to dump till the next major support where the demand should be very high.
Have a good day and good luck is this hard market.
In addition as I showed in my last ta SP500 is pretty bearish and as we know how much its correlate to BTC...
I'm pretty scared that we slow dump till we trigger a major liquidation cascade because of the lack of buyers and of the bulls being too leveraged.
So I think a retest of the "2021 biggest support" is very likely at this point I almost want to say inevitable but it would be disrespecting a major trading rule
"nothing is 100% sure".
After we've retested the support I think there is 2 possibilities it's difficult to say which one is the most likely at this point we'll see in the next weeks but the 2 possibilities in my opinion are :
-we trigger a major liquidation cascade and goes below the major support but smart money is using liquidity to massively market buying, making a sfp and bull market can resume.
-we trigger a major liquidation cascade and goes below the support but sadly price is still considered too high for the institutions so we just pullback and then continue to dump till the next major support where the demand should be very high.
Have a good day and good luck is this hard market.