Simply, $24k is the point at which it becomes significantly risky to short $BTC.
Why? Because as soon as $BTC's price drops below $24k, shorters can no longer maintain their liquidation points above the key resistance of $48k ($BTC's last swing high).
This has been the case for nearly every big crash in $BTC's history.
Here is the 1x short bounce from our all time high.
Bought @ $34.5k twice and laddered out by $46k twice.
Here's last summer's crash. Short pressure completely gone at $29k.
Here's the March 2020 crash.
Here's the 2019 Summer rally. Bottoms at the 1x short after a slow bleed down.
Here's the Nov/Dec 2018 crash.
And, of course, the initial 2018 bear market crash.
If the bears really get ballsy, they may be able to take $BTC down to $20k, using the beginning of this crash as their local high resistance point.
So... buy hard at $24k. Save a bit for $20k if you feel so inclined. Not financial advice.
These charts and the margin pressure level (MPL) tool used in them is part of the cryptostackers.pro dashboard, a dashboard I designed to make TA simple.
1. It’s oversold. $ETH doesn’t get this oversold often. Take advantage when it does.
If you were bullishly buying $ETH when it was $4k+, but buying at <$2k scares you, you’re operating on a short-term timeframe instead of a long-term timeframe.