BTC: swept 79.2k then bounced, but still hasn’t cleared the EMA cluster
On Saturday night, BTC dipped to 79,220, below the 79,800 low from 15/10, but no 4H candle closed below 79,800, and the price bounced back to around 80.9k. The sweep triggered over $540 million in liquidations across the market in 24 hours, according to CoinGlass, with 85% of them being longs.
In my 23/10 post, I said 81k was holding as support. By the morning of 24/10, it had actually given way, and the trendline from 15/10 had also broken.
Above, there’s the 4H EMA cluster at 81.9–82.3k. No 4H candle has closed above this cluster for nearly three days. Anyone who chased the price at 81–84k when ETF inflows came in on 19–21/10 is now stuck, and a rebound back to that zone could give them a chance to exit. A close above 82.3k would mean the sweep is over.
Below, the 79.8–80.5k zone is worth watching. If a 4H candle closes below 79,800, my thesis is wrong.
The 22/10 ETF session saw net outflows of $635.49 million, according to SoSoValue. The 23/10 session saw another $137.9 million in outflows, according to preliminary Farside figures. The FOMC meeting on 27–28/10 is still less than four days away.
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#Bitcoin #ETF $BTC
On Saturday night, BTC dipped to 79,220, below the 79,800 low from 15/10, but no 4H candle closed below 79,800, and the price bounced back to around 80.9k. The sweep triggered over $540 million in liquidations across the market in 24 hours, according to CoinGlass, with 85% of them being longs.
In my 23/10 post, I said 81k was holding as support. By the morning of 24/10, it had actually given way, and the trendline from 15/10 had also broken.
Above, there’s the 4H EMA cluster at 81.9–82.3k. No 4H candle has closed above this cluster for nearly three days. Anyone who chased the price at 81–84k when ETF inflows came in on 19–21/10 is now stuck, and a rebound back to that zone could give them a chance to exit. A close above 82.3k would mean the sweep is over.
Below, the 79.8–80.5k zone is worth watching. If a 4H candle closes below 79,800, my thesis is wrong.
The 22/10 ETF session saw net outflows of $635.49 million, according to SoSoValue. The 23/10 session saw another $137.9 million in outflows, according to preliminary Farside figures. The FOMC meeting on 27–28/10 is still less than four days away.
Give me a like to show your support.
#Bitcoin #ETF $BTC
