BTC/USD - Leverage PUNISHED. Nasty stop loss hunting today.
BTC gave a false hope that we will pass the resistance at 59.5k earlier today only to end up painting a darth maul lightsabre candle.
Leverage shorts & longs were punished in the same candle and stop loses or liquidations on both sides were triggered by breaking both local support and resistance. Once the damage was done, price returned to the mean/average... nasty.
Anyone with >20x leverage was liquidated today... expensive lesson.
Back to the chart, we can see that support held and any shorts there were trapped. Not good for bears. Now we're back under resistance. Can we push through? We should know by tomorrow.
The 4h indicators look a bit bearish, but still unclear, however, on larger timeframes like daily, BTC is turning bullish, so I remain bullish biased on this move. I think we have a good chance to break this resistance and move higher towards a new ATH. This will get alts crazy as well.
A clean break above this resistance favors a nice long with a good risk reward, so watch this price action.
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Leverage shorts & longs were punished in the same candle and stop loses or liquidations on both sides were triggered by breaking both local support and resistance. Once the damage was done, price returned to the mean/average... nasty.
Anyone with >20x leverage was liquidated today... expensive lesson.
Back to the chart, we can see that support held and any shorts there were trapped. Not good for bears. Now we're back under resistance. Can we push through? We should know by tomorrow.
The 4h indicators look a bit bearish, but still unclear, however, on larger timeframes like daily, BTC is turning bullish, so I remain bullish biased on this move. I think we have a good chance to break this resistance and move higher towards a new ATH. This will get alts crazy as well.
A clean break above this resistance favors a nice long with a good risk reward, so watch this price action.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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