1. The global uptrend is not broken. Even though in 2 days we saw a 13.7% drawdown, we are still not even close to the global , which we created at the 1D chart.
2. Is anyone still surprised by bitcoin's 13.7% temporary price drawdown? If so, you don't know how volatile this asset can be, especially since just two days ago we saw the new ATH .
3. Now we see higher price highs and higher price lows on the chart, if you remember that's the definition of a bull move in the market.
4. Price did not cross the local low at $43k.
5. This drawdown activated a lot of stop losses of traders who opened long positions with large leverage on the tops, this is positive because it gives liquidity to bulls. During the last 24 hours, there were liquidated positions for $2.3B, 195,000 traders were liquidated.
6. As you can see on the chart over the past two and a half weeks, the bulk of the capital has bought bitcoin at $56,700, which is slightly higher than the current price. That means that:
**A)** They will not close positions at a loss now, even if the loss is only 2%, which is the exact range from the current price to the POC.
**B)** Even margin positions with leverage that these traders have opened are safe.
Our experience over the years tells us that most likely people who are now selling too much follow their emotions when making trading decisions, this is fundamentally the wrong approach. To talk about the end of a bull cycle, you need to have at least one, or better, two daily candles confirming your assumption. Pay attention only to real facts, not speculation or fear.
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We think and our analysis shows that the market has enough potential to grow by 50% from its current levels. Most likely we will see this growth in the next month and a half or two months.
I agree with your opinion..
Do you have an open long position in BTC?
I don't have any positions right now, I'm more interested in altcoins :D