#CryptoMarketDip #MicroStrategyAcquiresBTC
Long Liquidation Alert: A $7,015.7 long position was liquidated at $3,377.79. This shows bearish pressure, as traders who expected ETH to rise were forced out. Here's the full breakdown and your next steps:
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Key Details:
1. What Happened:
A long liquidation occurs when the price drops below a critical level, forcing traders who were betting on a rise to exit their positions.
2. Critical Price Levels:
$3,377.79: This is now an important resistance level. Watch if ETH can break through this level or if it faces further rejection.
Support: Key support may lie around $3,350, so keep an eye on that level.
3. Market Sentiment:
Bearish in the short term, due to the liquidation. However, a bounce or recovery could occur if buyers step in.
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Next Moves:
1. Key Levels to Monitor:
Support: $3,350 (next critical zone).
Resistance: $3,377.79 (recent liquidation level).
2. If Holding ETH:
Set a Stop-Loss: Just below $3,350 to limit losses if the price continues to fall.
Hold only if the price stabilizes above $3,350 and shows signs of recovery.
3. If Trading ETH:
Bearish Plan: If the price stays below $3,350, expect further downside. Shorting or waiting for a clearer trend might be best.
Bullish Plan: If ETH can break and hold above $3,377.79 with high volume, it could be a sign of a recovery.
4. Watch the Volume:
Strong volume above $3,377.79 suggests a possible price reversal to the upside.