Caught in the $1.25B Liquidation Flush? Read This Before Your Next Long 🛑
The crypto market just experienced one of its heaviest leverage wipes of the month, with Open Interest dropping by over $7 Billion. If you are looking to long Bitcoin $BTC right now, do not try to catch a falling knife. Wait for the data to confirm a bottom.
Here is my 3-step checklist before hitting the "Buy" button today:
1. Funding Rates: Wait for funding rates across Binance to completely flatten to 0.000% or flip negative.
2. Open Interest (OI): Look for OI to stop falling and start moving sideways. This proves that panic selling has paused and new buyers are stepping in.
3. The DXY Factor: Watch the U.S. Dollar Index ($DXY). It’s currently up at $101.76. We need to see the dollar hit resistance and cool off to relieve pressure on crypto.
My Strategy: I am keeping my hands off leverage until we see a clean 4-hour bullish engulfing candle or a daily reclaim of the $76,500 zone. If you must enter now, keep your position sizes tiny and your stop-loss strict.
What's your plan? Are we dropping to $74K first? Drop your charts below! 📈 $BTC $ETH #Liquidations #BLEEDING #CryptoTrading. #binance #WhaleManipulation
The crypto market just experienced one of its heaviest leverage wipes of the month, with Open Interest dropping by over $7 Billion. If you are looking to long Bitcoin $BTC right now, do not try to catch a falling knife. Wait for the data to confirm a bottom.
Here is my 3-step checklist before hitting the "Buy" button today:
1. Funding Rates: Wait for funding rates across Binance to completely flatten to 0.000% or flip negative.
2. Open Interest (OI): Look for OI to stop falling and start moving sideways. This proves that panic selling has paused and new buyers are stepping in.
3. The DXY Factor: Watch the U.S. Dollar Index ($DXY). It’s currently up at $101.76. We need to see the dollar hit resistance and cool off to relieve pressure on crypto.
My Strategy: I am keeping my hands off leverage until we see a clean 4-hour bullish engulfing candle or a daily reclaim of the $76,500 zone. If you must enter now, keep your position sizes tiny and your stop-loss strict.
What's your plan? Are we dropping to $74K first? Drop your charts below! 📈 $BTC $ETH #Liquidations #BLEEDING #CryptoTrading. #binance #WhaleManipulation