Bitcoin was heading to an all-time high and everyone was so Insanely bullish on Bitcoin. Yesterday, I have also published a post about the Bitcoin being bullish. Suddenly, the 52K$ Reach was a fakeout that everyone gets to fall for.
And here comes the
EXCHANGE LIQUIDATION:
2.4 Billions worth of position has been liquidated in the market in 24 hours in all the exchange. BYBIT being the most, And I was surprised that the Binance is in the third list this time.
Most portion of the liquidation was on long and Only 100Millions around were short, by this data you can clearly see how much bullish the crypto market was on the Bitcoin and general cryptocurrency this time.
And always, on such occasions when everyone is bullish and moon boys are making money, Exchanges play the game of liquidation by making the sudden shaky move to the downside. The big wick you are looking into in the below picture is nothing more than the liquidation.
HISTORY OF LIQUIDATION?
This type of liquidation always happens before the big move. This is how exchanges and big players combined to make money and it is the MARKET MAKER Strategy. Open the chart and look for the big liquidation dates and the chart after that. Every time you will see a huge wick before the huge pump.
WHAT NEXT?
Personally, I think this is just the shakeout before the huge pump to the upside. The overall liquidations make me more bullish than before. Those who were looking for the opportunities if have bought the bottom today will have been of good benefit right now. Personally, I was in my class and I missed it hahaha. In my break, I am writing the article for a quick and short update.
This is why you should always look for the support levels and you can place your limit orders there because these types of moves can happen at any time in the crypto market. And they are literally random. The only indicator for this type of move is:
- WHEN EVERYONE IS BULLISH.
- NO FUD FOR A LONG TIME
- When MOON BOYS ARE MAKING MONEY.
SO, STAY TIGHT AND KEEP YOUR STOP LOSS READY FOR THE NEXT DOWNSIDE BUT KEEP IT BELOW THE KEY LEVEL. BECAUSE THEY HUNT FOR THE STOP LOSS.
DISCLAIMER: THIS IS ONLY FOR ENTERTAINMENT PURPOSES. PLEASE BE SURE TO DO YOUR OWN RESEARCH
These are quick updates. If you like please be sure to comment below.
@ridam
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