Crypto Market Review

Crypto Market Review

Bitcoin has perfectly followed the triangle pattern, which I ignored yesterday. Now we see the price returning to Friday’s closing levels. The stock market closed positively on Friday, so expecting a deeper fall this week is premature.

Increased volatility: Note the increase in volatility this week, especially within the day, which cannot but please speculators. Reasons:

  • there are currently a lot of leveraged positions in the market. Moreover, in both directions, some players expect a deep fall, and even more players expect growth to $30,000 per BTC.
  • Binance has canceled commission-free spot trading
  • there were a lot of news this week. And we are not talking about expected reports, but unexpected news for investors + the Fed.

It is surprising how many long liquidations there were this week, investors literally burned their deposits, taking large leverage in anticipation of strong growth.

News: No important news today.

Base scenario: Most likely, there will be a move towards $28,250 per BTC, further movement over the weekend is questionable. If there is a strong growth, it will happen tonight.

Alternative scenario: There will be a drama with liquidations, and there will be a strong upward impulse followed by a drop to $27,500 – $27,700 per BTC.

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