10/24/2023
This Was the ETF Surge that cause Liquidations of 150MM total and 104MM on BTC as many were short and had no faith in the trend, “bubble”, technology, or ONE Reason I had Worry With as Well, MacroEconomic Factors, Stock Market has not been correlated but DO NOT START BUYING YET!!!!! 34K is the Strongest Number We Worrry About and It’s Not Closed Daily Above Yet!
My Two Cents, We’re Worth 1500 Today!:
Love this move. We often see these movements in a proper bull run. However, in a bear market, such movements typically serve as a punishment to the shorts, as demonstrated today, leading to a cascade effect of short liquidations resulting in millions being liquidated as explained above. Despite the hopium in the CT based on macroeconomic factors post rally and ETF listing, I'm not yet convinced that we are in a bull run, especially with BTC not breaking past 34k. This move doesn't appear healthy as the volume is low and decreasing while the price action is ascending. It's not the retail investors' money driving the price up; it seems to be propelled by Market Makers or institutions. If BTC breaks and holds above 34k as mentioned in my long-term Technical Analysis, the bearish outlook will get invalidated. However, I believe this move is designed to alleviate sell pressure and punish the sellers. We've seen a high cluster liquidation at 34k and a retest of the trendline. A big whick here could spell catastrophe, so do not to give in to FOMO and remain patient until the market settles. If BTC breaks above 34k, it's a cause for celebration and a sign of market recovery. However, it's crucial to stay as objective as possible. Although my bias is bullish and my objective TA is bearish, I’m just sharing what I see and trying to keep it real. Remember, these are just my two cents. I could be wrong, so always do your own TA and research. Just giving my best to stay objective and share my honest take on things.
