Massive liquidations as BTC went down to 68k area. I did short at 71,5k level then it almost touched my Stop loss at 72,5k. But luckily I got my TP at 69,5k. Marked a 1:2 risk reward profit.
Why did this happen? So first, I looked at the 4H chart and it's pumping like wild. However, whenever I see this scenario, I always assume that there is something sketchy and there's a high probability that whales are about to make movement to the opposite side. You gotta think how whales manipulates the market, and the whole market depends on BTC. You have to think multiple times when you put a long position in the area of which is already overwhelmed. Yes overall BTC is bullish, but when you just look only the charts, it can also fool you. This stage is a play of liquidity, too many people believe that BTC will no longer look back to downside level reason why they FOMO.
Well, I don't think it will go down further below 67k but I already set a long position at 68,4k with the stop loss at 67,4k. If my stop loss get hit, then I also got an entry at 67k. I believe BTC will recover this weekend, there is much of short positions to be liquidated than long positions. Stay safe
