A quick market update !
I noticed there was a significant increase in long liquidations at the 70-71k zone last night. The altcoin flush was harsh, but it’s part of the game. Small-time corrections generally serve as a shakeout for leverage holders. We lost a decent amount of money in our trades last night. Therefore, I expect $BTC to clear the 70.4k zone. Funding rates should remain neutral. If they increase to a positive level and the price fails to break through, we might see lower levels.
We’ve had three weeks of positive inflows from BTC ETFs, which is a great sign. For now, the DXY needs to cool down. It's hard to predict the market on weekends, but for the short term, I think we’re in a good position. BTC needs to recover before Wednesday. Last night’s events were liquidation games from exchanges. As I always say, don’t over-leverage and over-risk any trade. It hurts to see any of you get liquidated. Please learn proper position sizing; that's fundamental.
For those who suggested I create a paid group, you might feel safer after last night’s altcoin flush😝. Our spot and chill trades got hit by stop losses😭. For now, I believe we will come back stronger. Stay tuned.
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