Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
Are you all calm now with the current market situation? The recent market crash was a reason why a lot of people panicked and sold their tokens. The future traders were also liquidated and we can see that in the screenshot below which is the 1D chart for bitcoin with some trendlines shown by me.
The top trendline is the support which was reclaimed today after the ceasefire news came out. I was telling all this time why the only reason for this crash was current war situation which looks fine as of now but if the same happens again we will see the similar behavior in the market again.
Now we will have a closer look to those levels again that I mentioned and this will help us predict the market situation throughout this entire bull run. Have a look below and then we will talk about them.
When first support which is the orange line, got broken the market got shook and we tested the second support line and not only that we broke it downwards and that is where a lot of future positions got liquidated. I have been asking everyone to stay away from futures during the time of war.
In the screenshot shared above I have zoomed the chart and we can see clearly see the long positions getting liquidated. We saw that fake out at the green trendline just to liquidate people with long positions in the market and that happened successfully and those who wants to know the number it was $1 billion.
In the first screenshot I can still say that we are not going to enter the bear market unless and until we are trading above the last support line. I can be wrong but that is how I see the market situation with current support and resistance. What are your thoughts? Share with me in the comments.
Thank You and make sure to check Crypto Company services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
