Today's evening dump on the crypto market is, by all indications, a long squeeze. You step away from the screen on Friday evening (the best time for manipulators) and prices are already flying.
Liquidations over the last 4 hours - $337.7 million. Of these, longs - $318.21 million. Everything you need to know about the key affected party.
BUT - the daily structure remains upward. And if the daily candle does not close below $68,818, it will remain.
If this is a long squeeze in a bull market, long squeezes, as is known, often result in a V-shaped reversal and continued growth. You should be prepared for this. All this fall was a chance for purchases, and not a signal to open shorts.
The decline today took place without the slightest informational reason. It can be considered that this is a delayed reaction to bad data on the US labor market. But it's too drawn out. They simply removed all liquidity on impulse until the June 4th loy. At the same time, this dump on #BTC, which pulled altcoins down, took place during active sales, vertical volumes confirm it.
On the graph as a fact:
- Again a breakdown of the downward trend since March 14, ATH. As long as the price is lower, the ATH update is in question.
- There is a clear test of the local downward trend on May 21. We didn’t think we would return to her, but we did.
- The volume level of $68,232 has almost been tested. The price rebounded above the important volume and psychological level of $69,000. But for a reversal in a long squeeze scenario, you cannot go back lower.
- Aggressive selling started from the volume level of $72,037. Special attention should be paid to it in case of a return above the downward trend since March 14.
BTC dominance in this dump went to 55.67%. BUT it has already corrected significantly and the bearish shadow on today’s candle makes it clear that further in the coming week the priority is to reduce the dominance of #BTC. Tomorrow's candle will confirm or refute the emerging trend. In the current market, dominance can only decrease with the growth of altcoins.
The#BTCprice volatility index jumped up on this news, but the downward trend on the daily timeframe was not broken there and still risks dragging on until June 10-11.
