Ok everyone is very panicky
Heres is my take on #bitcoin right now.
A mini thread ๐งต๐
If you like it please RT & share etc
Heres is my take on #bitcoin right now.
A mini thread ๐งต๐
If you like it please RT & share etc
1/ 4HR + 1HR
Yes the 1HR & 4HR both passed a death cross, with little short term signs of reversal. Yes we also had a big wick down in the short term, which is making a lot of people worried
Yes the 1HR & 4HR both passed a death cross, with little short term signs of reversal. Yes we also had a big wick down in the short term, which is making a lot of people worried
2/ Liquidations
This was caused by a bunch of longs who had leverage, being liquidated. Over the last 24HRs 189,000 traders where liquidated, losing a a total value of around $730M.
As i always say don't use leverage....
This was caused by a bunch of longs who had leverage, being liquidated. Over the last 24HRs 189,000 traders where liquidated, losing a a total value of around $730M.
As i always say don't use leverage....
3/ FED FUD
At a macro level there was also a sell off driven by the FED now considering an earlier than expected interest rate hike.
To keep it simple, rates go up securities & crypto go down.
At a macro level there was also a sell off driven by the FED now considering an earlier than expected interest rate hike.
To keep it simple, rates go up securities & crypto go down.
4/ WHALES ARE BUYING
Despite retailers getting liquidated & panic selling, whales seem to buying. And when they do they are taking it off exchanges.
In short as the supply becomes more illiquid, prices will eventually go up.
Thanks to @_Checkmatey_ for the @glassnode chart
Despite retailers getting liquidated & panic selling, whales seem to buying. And when they do they are taking it off exchanges.
In short as the supply becomes more illiquid, prices will eventually go up.
Thanks to @_Checkmatey_ for the @glassnode chart
5/ CONCLUSION
-We are still only around 40% down from ATHs. These draw downs are quite normal in a bull run.
-Smart money is still buying & taking off exchanges. Bullish
-Still a firm believer in extended cycles via @intocryptoverse ...but its only 5th of jan, have patience.
-We are still only around 40% down from ATHs. These draw downs are quite normal in a bull run.
-Smart money is still buying & taking off exchanges. Bullish
-Still a firm believer in extended cycles via @intocryptoverse ...but its only 5th of jan, have patience.
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