Hello everyone, colleagues!
I'll start right away with the graph...
After a small pin of the historical maximum ($210 on Bitstamp), there was a rather sharp reaction from sellers, they lowered the price by almost $10K, thereby collecting long liquidity, quite a lot, but the most concentrated liquidity is even lower. Such a spill removed the overheating of the RSI indicator on many timeframes by 14%, starting from 1D in descending order. The speed of the buyout shows us that buyers still have enough strength for a possible collapse. On the Binance exchange, the maximum of $69,000 was never rewritten, the price clearly hit this level, unlike other exchanges. Therefore, a certain uncertainty has formed in the market: “Was it too high?”
I am sure there will be a deep correction, at least to $50,000-53,000, with a squeeze to $48,000 to remove liquidity. But I’m waiting for this reversal after a more confident transition, so that no one has any doubts.
It’s hard to say how far the instrument can go higher (there are no historical levels), but I want to share my thoughts and observations about what level I expect a stronger reversal from. According to history, each cue ball maximum was rewritten by literally 6% and each time it went into a deeper correction than the previous ones. If we stretch the Fibonacci grid to the bearish cycle of 21-22, then the next level after the breakout of the extremum = +-$83000 (127.20%), to which we can go in two steps with corrections.
1D was also a good return and even more cheerful than on the cue ball. I think that in the near future it will be reached to $4000 and above with a pin (round level + extremes of May and August 21). Considering that the dominance of the cue ball, for now, is kept at the level of 54%, and in the capitalization of alts there is still a margin of action to the nearest extreme at $117B, then the alts have a good chance to make another breakthrough before the correction of the cue ball. Different projects will grow differently, depending on the interest of investors in the project itself.
