Last week on $BTC Bitcoin closed at its highest, hitting the upper limit of the medium-term ascending channel and almost right next to the key resistance level of $45,800.
And the new current week in just a couple of hours completely absorbed all the growth of the previous week.
As a result, record liquidations of longs amounting to $411 million appeared on the market. 🔥
Moreover, many alts fell by -20-25% at the moment, thereby eliminating all margin lovers up to the 4th shoulder.
The market has once again punished all margin lovers.
The current market has very high risks, and by adding leverage to your positions, you multiply these already high risks.
❓ Will the fall continue?
Now in the market you can see how the majority of the market has already recovered half of the fall.
That is, the market is being actively bought at this drawdown and essentially it all comes down to the fact that the market has shaken out the extra passengers and after a short trading period will continue to grow. This is especially true for alts, which are still overwhelmingly cheap.
Of course, ideally, you need to wait until the close of the day to draw final conclusions, but by this time the market can already completely buy back the entire fall, leaving a long shadow below. 💰
Considering that some alts have already completely bought back the entire decline, we are betting that a full-fledged correction has not yet begun and the market will continue to grow this month.
When a full-fledged correction occurs, coins are not bought back as quickly as they are now. And even more so, heavily overbought coins begin to fall with triple force, which is not yet visible today.
📊 To sum it up:
Ideally, you need to wait until the close of the day to be 100% sure that the fall will not continue.
However, local indicators cooled down well, dropping them into the oversold zone. And now you can take a justified risk and purchase on the SPOT market with adequate stops.
In fact, having opened at least the daily chart, you will see that nothing bad happened. And if you look at the weekly chart, you won’t even notice the current decline.
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