24-hour liquidations are heavily skewed: shorts at 351.7 BTC, longs at just 53.1 BTC. Looking at those numbers, it’s easy to think a breakout is coming. I don’t think so.
At 10:52 Vietnam time on October 21, BTC was at $82,794, about $16 above the daily candle open of $82,778. Open interest was around $7.86 billion, up 0.19% over 24 hours. It hasn’t expanded, so I wouldn’t call this fresh money flowing in yet. Aggressive orders are still net positive: 965.3 BTC in spot and 2,357.9 BTC in derivatives. And yet the 4-hour candle that opened at 8:00 was still down 0.28% as of 10:52. The candle hasn’t closed. Price is stuck right around $82,800–$82,900, with 108.5 BTC in sell orders hanging overhead.
I see absorption, not a breakout. The liquidation imbalance has been building over the past 24 hours, but price still hasn’t cleared that cluster of sell orders.
I’ll change my mind if the 4-hour candle closes above $83,439, the 24-hour high. I’m wrong if it breaks below $82,394—the daily candle low, not the 24-hour low.
#BTC #Market
At 10:52 Vietnam time on October 21, BTC was at $82,794, about $16 above the daily candle open of $82,778. Open interest was around $7.86 billion, up 0.19% over 24 hours. It hasn’t expanded, so I wouldn’t call this fresh money flowing in yet. Aggressive orders are still net positive: 965.3 BTC in spot and 2,357.9 BTC in derivatives. And yet the 4-hour candle that opened at 8:00 was still down 0.28% as of 10:52. The candle hasn’t closed. Price is stuck right around $82,800–$82,900, with 108.5 BTC in sell orders hanging overhead.
I see absorption, not a breakout. The liquidation imbalance has been building over the past 24 hours, but price still hasn’t cleared that cluster of sell orders.
I’ll change my mind if the 4-hour candle closes above $83,439, the 24-hour high. I’m wrong if it breaks below $82,394—the daily candle low, not the 24-hour low.
#BTC #Market