Bitcoin attempting a breakout.
On Monday, I said we could see some volatility this week. I didn’t want to guess the direction because when the price is ranging, you never know which way it could run.
Many traders got liquidated.
* Traders who were positioned for a bearish August and a BTC final Q4 capitulation.
* Traders who shorted when price closed below the 200 SMA. It was a clean setup for them.
One of the largest short liquidation events in recent history
Things will get pretty clear if the price manages to hold above this breakout.
A failed breakout could lead to much more downside because it wiped out many shorts, and some fresh longs may have entered after the breakout.
Bulls should not lose momentum.
On Monday, I said we could see some volatility this week. I didn’t want to guess the direction because when the price is ranging, you never know which way it could run.
Many traders got liquidated.
* Traders who were positioned for a bearish August and a BTC final Q4 capitulation.
* Traders who shorted when price closed below the 200 SMA. It was a clean setup for them.
One of the largest short liquidation events in recent history
Things will get pretty clear if the price manages to hold above this breakout.
A failed breakout could lead to much more downside because it wiped out many shorts, and some fresh longs may have entered after the breakout.
Bulls should not lose momentum.