LIVEAnalyzing the Crypto Market: Liquidations and Potential Reversal
Market Overview
• After the downward impulse, there is a ringing silence on the crypto market, for now let’s look at the situation with liquidations.
Liquidation Statistics
• According to Coinglass, within an hour since the release of data on consumer inflation in the United States, $64.59 million worth of traders were liquidated.
• Of these, longs amounted to $59.62 million, shorts amounted to only $4.97 million.
• In just 24 hours, there are already $310.36 million in liquidations.
• Of these, longs - $258.38 million.
Liquidity Distribution
• According to the map of potential liquidations, the situation is ambiguous - there is more liquidity at the top now, but there is also a lot at the bottom, plus the bears are more cautious. Their liquidations cost further, at $68,390.
Liquidity Heat Map Analysis
• According to the liquidity heat map from Coinglass:
• 24 hours: main clusters in $BTC at $68,487 and $69,807
• for the week: main clusters at $68,114, zone $68,800, $70,980, $72,840.
• on thehe month: main clusters at $65,289 and $72,062.
Market Outlook and Trading Strategy
• In general, the picture looks like a good start to an upward reversal, and not a rebound.
• The only thing that confuses us is that the BTC rate is stuck around $67,650, where there are no important supports on our chart.
• Buy at the current level without waiting for a larger drawdown.
• But as long as there is no consolidation above at least the nearest support (volume level of $68,232), we can receive a second impulse as a gift. With a target, the volume level of $67,088 and EMA 200 of the four-hour time frame are slightly lower.
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