$BTC 75000 Only $400 left
U.S. stocks crashed last night, with the Nasdaq plunging 5%—the worst day for U.S. stocks since April.
Bitcoin got hit too, now at 75414, with an intraday low of 75208.
The 75000 level is just one step away from breaking.
The ETF picture isn't looking good either.
On October 30, November 2, and November 3, outflows totaled $1.16 billion.
Money is flowing out, so the market can't find its footing.
$1.08 billion liquidated in 24 hours, 88% of it from long positions, with 210,000 traders liquidated.
In this downturn, longs have basically been ground into the dirt.
My take:
Until 75000 breaks, I'm neither buying the dip nor chasing shorts.
Betting on direction at this level is just giving money to the market.
If the daily candle closes below 75000, the next level to watch is 73163.
Don't talk about a recovery until we reclaim 79280.
Nonfarm payrolls are out tonight at 21:30. I'm staying put until the data comes out.
As for positions: don't add before the jobs report, and keep a close eye on your stop-losses if you're already in a trade.
Personal analysis, not investment advice.
#Bitcoin75000UnderThreat
U.S. stocks crashed last night, with the Nasdaq plunging 5%—the worst day for U.S. stocks since April.
Bitcoin got hit too, now at 75414, with an intraday low of 75208.
The 75000 level is just one step away from breaking.
The ETF picture isn't looking good either.
On October 30, November 2, and November 3, outflows totaled $1.16 billion.
Money is flowing out, so the market can't find its footing.
$1.08 billion liquidated in 24 hours, 88% of it from long positions, with 210,000 traders liquidated.
In this downturn, longs have basically been ground into the dirt.
My take:
Until 75000 breaks, I'm neither buying the dip nor chasing shorts.
Betting on direction at this level is just giving money to the market.
If the daily candle closes below 75000, the next level to watch is 73163.
Don't talk about a recovery until we reclaim 79280.
Nonfarm payrolls are out tonight at 21:30. I'm staying put until the data comes out.
As for positions: don't add before the jobs report, and keep a close eye on your stop-losses if you're already in a trade.
Personal analysis, not investment advice.
#Bitcoin75000UnderThreat
