In my last update, I warned market makers may push price down to liquidate long positions. We had longs stacked and shorts falling off with extremely low volume. This was all a recipe for at least a temporary drop in price. Today we saw that happen as price dropped from $4,050 to as low as $3,750. It’s currently trading around $3,780 on Coinbase.
Looking at the daily chart, we can see price found support right on top of the 50 Day MA. If it decisively breaks below, I think a drop to at least $3,600 will become likely.
While some long positions were liquidated by this latest drop in price, overall all, longs still remain stacked. Shorts remain mostly unaffected.
In today’s video analysis I discuss, where price may go from here, traps to avoid and so much more. I hope you find it helpful.
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/workin/) or Steemit in order to watch.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
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