$BTC 84.000 — shed 1,800 points in 11 minutes this morning, falling from 85,276 to 83,500.
The 5-minute candle at 9 a.m. alone saw $891 million in trading volume, more than 50 times that of the previous candles. Open interest fell by about $180 million in just 10 minutes, a sign that longs were being liquidated en masse.
Right after the plunge, the long/short account ratio rose from 1.14 to 1.23. Many people are trying to catch a falling knife.
Every timeframe from 15m to 1D is aligned to the downside. The 15m chart has just confirmed downward momentum, which is still in its early stages. Prices often move sideways for a while before continuing lower, so don’t chase the red candles.
Main direction: down. The late-September bottom zone at 82,500–83,000 is the next area to watch. If the 4H candle closes back above 85,000, abandon this view.
Is going long now catching a bottom or catching a falling knife?
Personal observation, not a recommendation. Risk 1%; always set a stop.
#BTC #Bitcoin $BTC
The 5-minute candle at 9 a.m. alone saw $891 million in trading volume, more than 50 times that of the previous candles. Open interest fell by about $180 million in just 10 minutes, a sign that longs were being liquidated en masse.
Right after the plunge, the long/short account ratio rose from 1.14 to 1.23. Many people are trying to catch a falling knife.
Every timeframe from 15m to 1D is aligned to the downside. The 15m chart has just confirmed downward momentum, which is still in its early stages. Prices often move sideways for a while before continuing lower, so don’t chase the red candles.
Main direction: down. The late-September bottom zone at 82,500–83,000 is the next area to watch. If the 4H candle closes back above 85,000, abandon this view.
Is going long now catching a bottom or catching a falling knife?
Personal observation, not a recommendation. Risk 1%; always set a stop.
#BTC #Bitcoin $BTC
