We literally wrote a couple of days ago that shorting now is a very stupid idea 👉 Shorting is bad!
As a result, that night the first significant liquidations of short sellers appeared on the market. Prior to this, Bitcoin's growth occurred exclusively organically through spot purchases. Accordingly, the entire overnight impulsive growth of Bitcoin occurred due to the liquidation of short sellers! All shorts with a shoulder greater than x7 were eliminated.
🩸 Record liquidations were essentially only on Bitcoin $BTC and there, one might say, everyone was liquidated (liquidations up to the x7 leverage is a lot).
Therefore, we can expect the liquidation feast to continue, now on other coins.
And for example you can take$ETH Ether, where there were 4 times fewer liquidations that night than on Bitcoin, which is quite small for such a popular asset. Moreover, a strong bullish pattern has begun to develop for this coin.
Look at the Ethereum chart.
Overlaid on this chart is the Bitcoin chart (orange line). As you can see, the correlation of these assets is almost one hundred percent. Well, Ethereum is significantly behind Bitcoin, which means that with a high probability it will catch up with Bitcoin’s chart.
🕯 Technical analysis of Ethereum
The coin just broke through the bullish Wedge pattern. Also, the price returned above the medium-term upward trend (thick black line) and the long-term moving average MA200w. Moreover, unlike Bitcoin, Ethereum’s indicators did not reach the overbought zone.
Therefore, you can still have time to jump on this train, since the growth potential of Ether remains significant, especially considering that there have been no serious liquidations for this coin. In theory, nothing prevents Ethereum from growing to $2200, subject to the presence of liquidations.
💰 We bought this coin at a price of $1569 and are already making a significant profit. But you still have the opportunity to enter into purchases and ride the future movement to the top. The only thing is that it is no longer possible to set an adequate stop, but the price is unlikely to fall below the moving MA200w and the medium-term upward trend in the near future.
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