Still 3 weeks before starting the 77 days of the last downward wave.
With a candle of -23% in one week we will arrive at 14.8K on the 50% fibo, otherwise the next level will be the 11K to fill the CME gap or the 10K on the 61.8% fibo, and if we will have a big correction on the S&P 500 we can look even lower than the 10K on the BTC!!!
https://www.tradingview.com/x/kk4A6wV4/
20K or 17.5K???
The price now is at 19.2K, to get to 20K, you have to push the price by 800$, but for the 17.5K you need 1700$, the most profitable for the exchanges is to go first to liquidate the shorts with big levers close to the price which are at 20K, and then we will see if they have calmed down or not before moving on to the liquidations of the longs in the south!
Normally a lot of shorts got sold out today until 20K but it looks like they don't want to capitulate and keep opening shorts with high leverage.
For the moment the market is hunting for liquidity, but soon we will have a strong movement downwards or upwards, but I'm thinking more downwards, and that's the reason for the liquidations of shorts with high leverages since the economic situation is critical with inflation and the war, the market will not let the shorts make profits easily, so it will empty the shorts with high leverages before moving on to longs in south, I think we will have a big bullish trap to give hope for the return of the bull run and to clean up the shorts.
My view on the next short trade, I would wait for the shorts to lose hope of a future decline and the longs to start racing with big leverage, and then I will see the price action on the next resistances as well as towards the 20K to 21K
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