$BTC is trending down into new value area
Liquidations have cascaded after a strong sell off happened into Asia open.
The drop has intensified probably because of Nvidia
NVDA, posted the biggest single-day loss of market cap by any stock in history today.
Open Interest ramped up noticeably as perps are trying to lift the market on ByBit and Bitfinex after the strong selling led by Coinbase.
Open interest has now completely reset and CVD is picking up as well.
We had a strong down move taking the previous low at 56k
Now what we want to see is for the price to find acceptance back into VAL (value area low)
If we can hold 56k here, I'm expecting a move toward 57.8k
And if we can flip 57k into support, an expansion to 58.6k to 59.2k is very likely.
The drop has intensified probably because of Nvidia
NVDA, posted the biggest single-day loss of market cap by any stock in history today.Open Interest ramped up noticeably as perps are trying to lift the market on ByBit and Bitfinex after the strong selling led by Coinbase.
Open interest has now completely reset and CVD is picking up as well.
We had a strong down move taking the previous low at 56k
Now what we want to see is for the price to find acceptance back into VAL (value area low)
If we can hold 56k here, I'm expecting a move toward 57.8k
And if we can flip 57k into support, an expansion to 58.6k to 59.2k is very likely.
Tealstreet.io Trade Faster & Trade Easier
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
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.