I wouldn’t rule out further corrections in the range of $71,000 to $68,000.

Liquidations below the price: $1.19 billion.
Liquidations above the price: $2.13 billion.

Futures selling volume is increasing, which, combined with selling on the spot market, is supporting the current correction. ETF outflows are also continuing.

My opinion: it seems like a trap to me, though I could be wrong.

The entire economy is in crisis, and when so much negative news hits the market over such a short period, it raises suspicions.

It seems that the big players want retail investors to panic-sell their assets, absorb liquidity on the downside, and then perhaps reverse the market.

But there’s another risk—the interest rate decision in December. If we see a 50-basis-point rate hike, the entire market could face another major crash, but that’s unlikely! Rates will be raised, but by 25 bps (in my opinion), and the market will price that in.

I’m keeping a close eye on liquidity right now.

If liquidity on the downside is absorbed and the price quickly returns to the support level, this could create ideal conditions for a sharp price rise. But before we can start talking about a recovery, we need to reclaim the 74.400 area.

😁In the meantime, we’re sliding, brothers.