Short

Bitcoin correction from $51,800 to $43,000

Updated

Bitcoin correction from $51,800 to $43,000 = I've exited all altcoins. Awaiting a drop similar to Litecoin... A large number of stop losses have accumulated across all altcoins at the bottom, just like for Bitcoin at $42,000 - $43,000.

#bitcoin #btc

Note

1. Examining the BTC Liquidation Heatmap over the last three months reveals that all short traders have been maximally liquidated, while there's a huge amount of long traders' stop losses below, with the first point at $42,500 and the second at approximately $38,000. That's where I would expect a correction and subsequently look for attractive entry points for altcoins.

2. This daily chart image shows liquidations of both short and long traders. As observed today, a massive liquidation stick, and historical patterns suggest this leads to a price reversal for a correction or a sideways movement for collecting long traders' stop losses, which can also aid in decision-making.

In conclusion: It's important for me to wait for the price to reach $42,500 or $38,000 and then look for entry points for altcoins (without margin, spot only).

Disclaimer: This is not financial advice; please conduct your own research. Avoid margin trading & futures. Stick to spot trading.

Note

Now let's look at how Litecoin has fallen on the daily chart and where it stands on the Liquidation Heatmap, and try to compare it with Bitcoin and Ethereum. I think a correction is more likely to occur because, for any altcoin you open, there are a lot of stop losses accumulated below.

Litecoin:

LTC Liquidation Heatmap:

ETH Liquidation Heatmap:

BTC Liquidation Heatmap:

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As soon as we fall into the liquidity zone (the sooner the better, ideally within one day), I will only be buying altcoins; Bitcoin no longer interests me.

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Let's see what kind of correction we'll have today...

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It's a crude comparison, of course, between Bitcoin and Litecoin, but for now, it's a working scenario. As soon as we collect the stop losses of long traders, that's when we'll start looking for entry points to buy altcoins.

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Initially, I got carried away and bought Toncoin, made a quick review, and as soon as the price of Bitcoin plummeted, I urgently closed the position and abandoned the idea. Almost got caught.

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Everything is going according to plan so far. We wait.

Binance BTC/USDT Liquidation Heatmap

Note

Today is Friday. Events happening today, Friday, February 16:

China - No trading
USA - Federal Reserve Balance
USA - PPI Industrial Inflation (Jan)
USA - Michigan Consumer Sentiment (Feb)

Bitcoin:

Ethereum:

Litecoin:

Also, over the last month, the Liquidation Heatmap for Bitcoin, Ethereum, and Litecoin indicates where a correction is expected. Bitcoin - $43,570, Ethereum - $2,400, Litecoin - $64-$65.

Note

⚠️ Today is the Expiration Day for #Bitcoin and #Ethereum Options!

$1.1 billion in BTC options and $566 million in ETH options are expiring on February 16th.

▫️ The main area of interest for BTC = $46,000

▫️ The main area of interest for ETH = $2,400.

Hmm, interesting, it +- coincides with the Liquidation Heatmap zones.

Note

Bitcoin fell to $50,800 and triggered the nearest stop losses of long traders.

Trade closed manually

I advise against shorting Bitcoin. There's a possibility that the price might rebound to $53,000, and beyond that, it's uncertain whether it will climb higher to the $55,000 - $60,000 range. The anticipated drop didn't occur, raising some suspicions. Currently, I find it worthwhile to take a closer look at the cryptocurrency Toncoin from Telegram, as it may see some action with the upcoming Notcoin listing (without leverage).

Toncoin's Explosive Future: Unpacking the Notcoin Buzz!

Trade closed manually

UnknownUnicorn285026

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