Last night we saw a flush with a significant amount of long positions being liquidated.
This crushed liquidity in the market and cleared out all orders within a 15% range.
Surprisingly the bounce on BTC was the best in terms of %, as we finally hit hourly oversold conditions for the first time since the bull move. Even 4 hour RSI was oversold at the low of the candle.
I expect to trade within the range established on this daily candle for multiple days as things settle back down.
Congrats to the bulls as well as the bears who were able to capitalize on the dip and volatility.
How this tight hourly range breaks will dictate short term direction for today.
Hourly EMA resistance on watch as well.
This crushed liquidity in the market and cleared out all orders within a 15% range.
Surprisingly the bounce on BTC was the best in terms of %, as we finally hit hourly oversold conditions for the first time since the bull move. Even 4 hour RSI was oversold at the low of the candle.
I expect to trade within the range established on this daily candle for multiple days as things settle back down.
Congrats to the bulls as well as the bears who were able to capitalize on the dip and volatility.
How this tight hourly range breaks will dictate short term direction for today.
Hourly EMA resistance on watch as well.
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Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social