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After the long consolidation near the support level of $29000, the downward movement continued. The price broke through the level of $22800, consolidated under it, and tested the psychological mark of $20000.
On the fall below $20000, there was an increase in margin positions in favor of LONG. After the price rebounded to $20250 - $21700, these positions were likely closed. The situation is repeating, and the long/short ratio is increasing in favor of buyers. Also noteworthy is the absence of mass liquidations and wide-range candlesticks.
We can assume that the price will continue to bounce back to collect the liquidity near the level of $22800, after which the downward pricing will likely continue. The next zone of interest for buyers is $13900 - $16500.
Good luck, and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
After the long consolidation near the support level of $29000, the downward movement continued. The price broke through the level of $22800, consolidated under it, and tested the psychological mark of $20000.
On the fall below $20000, there was an increase in margin positions in favor of LONG. After the price rebounded to $20250 - $21700, these positions were likely closed. The situation is repeating, and the long/short ratio is increasing in favor of buyers. Also noteworthy is the absence of mass liquidations and wide-range candlesticks.
We can assume that the price will continue to bounce back to collect the liquidity near the level of $22800, after which the downward pricing will likely continue. The next zone of interest for buyers is $13900 - $16500.
Good luck, and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.