The liquidation table flipped tonight: shorts got squeezed for 90.5 million dollars, more than the longs. 💥
ByKaranteli data for 11 November puts forced liquidations at 71.2 million dollars of longs against 90.5 million dollars of shorts across 64,535 events, with the largest single liquidation an ETH position of 1.0 million dollars, and no cascade recorded in the last 24 hours. 📉 That is a sharp turn from yesterday, when CoinGlass put total liquidations at 725 million dollars with about 79 percent of them longs after the hot CPI print, so the market went from wiping out longs on Tuesday to squeezing shorts on the Wednesday bounce. My reading is that the bounce has real fuel behind it, because shorts piled in under 73,000 dollars and are now being forced to buy back, and a short squeeze can carry price further than fundamentals alone, until the shorts are cleared out.
Are the shorts cleared out now, or is there another squeeze leg left? 🤔
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#Crypto #Bitcoin #FuturesTrading #TradingSignals #Liquidations
ByKaranteli data for 11 November puts forced liquidations at 71.2 million dollars of longs against 90.5 million dollars of shorts across 64,535 events, with the largest single liquidation an ETH position of 1.0 million dollars, and no cascade recorded in the last 24 hours. 📉 That is a sharp turn from yesterday, when CoinGlass put total liquidations at 725 million dollars with about 79 percent of them longs after the hot CPI print, so the market went from wiping out longs on Tuesday to squeezing shorts on the Wednesday bounce. My reading is that the bounce has real fuel behind it, because shorts piled in under 73,000 dollars and are now being forced to buy back, and a short squeeze can carry price further than fundamentals alone, until the shorts are cleared out.
Are the shorts cleared out now, or is there another squeeze leg left? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #Liquidations
