๐ฑDaily BTC Overview
๐ดLiquidations in the past 24 hours, CoinGlass: ~42K traders liquidated, totaling ~$128 million. Around 75% were long positions, and 60% were short positions.
The chart shows a bounce and the formation of lows on both the RSI and price, indicating the development of a bullish divergence๐.
๐ฃDon't read too much into assumptionsโalways look for confirmations on the chart. Trading without confirmations is a quick path to draining your account. I always consider various scenarios, but I point to the one most likely to play out. In this case, I've previously mentioned the likelihood of a short-term bounce upwards from 60K. A drop to 50K is a more mid-term scenario.
๐ฃBased on current confirmations, I expect a short-term rebound back to the trendline. Similar moves have occurred before, with the formation of double or triple tops, followed by stronger declines.
But remember, as soon as we approach the trendline, we will again enter a decision-making zone. Everything is marked on the chart.