Looking at the liquidation chart for BTC over the past week, the lower levels have pretty much cleared out, so there's no need to keep pushing down for more liquidations. The area around 7.85k is also a gap-fill zone and a spot where chips are piling up. If we see a rebound in the short term, it's highly likely that this level will get targeted for liquidation.
Plus, the chips around 7.85k are quite appealing, roughly a small target's worth of liquidated chips. I won't consider entering a short position until this batch of chips is cleared. Once we hit this liquidation zone and the price spikes up, that’ll be the moment to close longs and go short.
Plus, the chips around 7.85k are quite appealing, roughly a small target's worth of liquidated chips. I won't consider entering a short position until this batch of chips is cleared. Once we hit this liquidation zone and the price spikes up, that’ll be the moment to close longs and go short.