In my last update, I warned market makers may push price down to liquidate long positions. We had longs stacked and shorts falling off with extremely low volume. This was all a recipe for at least a temporary drop in price. Today we saw that happen as price dropped from $4,050 to as low as $3,750. It’s currently trading around $3,780 on Coinbase.
Looking at the daily chart, we can see price found support right on top of the 50 Day MA. If it decisively breaks below, I think a drop to at least $3,600 will become likely.
While some long positions
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