Liquidations in the crypto market over the last 24 hours - $894 million. Of these, longs - $734 million. Bulls in a bull market are losing more than bears, classic 👀
The main contribution to such figures, of course, is from the long squeeze that occurred last night. After 12 hours following the dump, we perceive it as a long squeeze before the continuation of growth.
Although the recovery is not too fast and during the day the price may still be driven down within the descending candle structure on the four-hour timeframe - overall, since last night, important conditions for the recovery of the uptrend are being met, which we wrote about last night:
- consolidation above the EMA 50 of the four-hour timeframe,
- consolidation above the descending trend line since November 22.
The price has also entered the volume range of $97,553-$98,433. It is consolidating above the volume level of $97,944. Signals of a potential low have already appeared on the hourly and two-hour timeframes. We are waiting for a signal from the four-hour timeframe, which will strengthen the expectations of growth.
A bullish sign of continuation of growth and a repeated attempt above $100,000 after yesterday's 'cut' will also be considered a signal for transitioning into a sustainable uptrend on the 15-minute timeframe from our P73 Trend & Target Dynamics indicator. We will evaluate this as early signals of an uptrend.
