🔥 Bitcoin Liquidation: No Worries Here!
Updated
Last night, BTC fell around 8% in a very short period of time. Sadly, this doesn't come as a surprise after a massive move from 27k > 44k. Investors are piling in with high leverage, which makes them prone to liquidations like the one of last night.
These liquidation events have happened a couple of times in the last few weeks. Every time they marked a local bottom, after which the price continued to go up. It's likely that the liquidation even from last night was a "necessary evil" to wipe out over-leveraged traders and clear the room for a more stable uptrend.
Furthermore, the price reversed strongly from the diagonal support line on the chart. As long as we're trading above said support, the bulls are in complete control. My 48k price target still stands.
These liquidation events have happened a couple of times in the last few weeks. Every time they marked a local bottom, after which the price continued to go up. It's likely that the liquidation even from last night was a "necessary evil" to wipe out over-leveraged traders and clear the room for a more stable uptrend.
Furthermore, the price reversed strongly from the diagonal support line on the chart. As long as we're trading above said support, the bulls are in complete control. My 48k price target still stands.
Comment
Support holding, for now. Bulls need to step in to keep the trend going. 4H RSI is oversold, which has recently marked local bottoms.
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