I GOT LIQUIDATED…… [my story]
The Moon Show
Summary of Crypto Market Analysis
The crypto market experienced a historic day with massive liquidations on Bitcoin, Ethereum, and altcoins, surpassing those seen during the FTX collapse and the pandemic-induced market drop in March 2020.
Key Points to Watch
- Weekly Candle Close: If the weekly candle closes red, the market may go lower, potentially filling the CME gap at $78K. A green candle close could signal recovery.
- Orange Line ($99,000): Closing above this line could be a signal to go long again.
- Daily Candle Close: Important for determining short-term market direction.
- Ethereum: Broke through a significant level at $2.7, and the daily close above this level would be a good sign.
Personal Trading Actions
- The analyst has opened long positions on Bitcoin and Ethereum, viewing this as a bounce trade opportunity.
- They emphasize not doing revenge trading after the capitulation event.
Market Outlook
- The analyst believes the market could go up from here, similar to the recovery after the pandemic collapse.
- Resistance levels and support breaks are crucial to watch, as breaking certain levels could lead to further downsides.
- Altcoins are seen as destroyed, presenting a buying opportunity after the capitulation event.