STONKS Market Overview
Market overview from the STONKS team
The market showdown has arrived! Yesterday, Bitcoin dropped by 12% in an instant. Over $1 billion of leveraged traders were liquidated 🫡.
From a technical analysis perspective, it was evident that there was no growth. At that moment, negative news hit the market in the form of:
• SpaceX selling $378 million worth of Bitcoin, which they had bought in 2021-2022.
• Evergrande, China's largest real estate developer, filing for bankruptcy.
Evergrande's bankruptcy is particularly detrimental to the stock market, and as we remember, Bitcoin's correlation with stocks still exists, which led to a dump not only in the stock market but also in the crypto market.
Currently, it's important to let the market cool down. Moreover, the weekend market is beginning, hence, it's better not to focus on the charts and take a break.
As usual, we have two scenarios for the future development of events:
1) Sideways movement with a reversal and continued growth. Since we have finally entered the Discount zone, we can consider a new skillful maneuver. This will take some time, as the nearest targets are liquidity compression at 30400 and the 3-hour TF IMB.
2) Closing the week (weekly candle) below 24800, indicating a structural break and adding negativity to the market. This would result in a spill of Bitcoin to the 1D IMB (22189-23889).
With a clear mind, we head into the weekend and await the opening of Monday!
Good luck and profits to everyone!
The market showdown has arrived! Yesterday, Bitcoin dropped by 12% in an instant. Over $1 billion of leveraged traders were liquidated 🫡.
From a technical analysis perspective, it was evident that there was no growth. At that moment, negative news hit the market in the form of:
• SpaceX selling $378 million worth of Bitcoin, which they had bought in 2021-2022.
• Evergrande, China's largest real estate developer, filing for bankruptcy.
Evergrande's bankruptcy is particularly detrimental to the stock market, and as we remember, Bitcoin's correlation with stocks still exists, which led to a dump not only in the stock market but also in the crypto market.
Currently, it's important to let the market cool down. Moreover, the weekend market is beginning, hence, it's better not to focus on the charts and take a break.
As usual, we have two scenarios for the future development of events:
1) Sideways movement with a reversal and continued growth. Since we have finally entered the Discount zone, we can consider a new skillful maneuver. This will take some time, as the nearest targets are liquidity compression at 30400 and the 3-hour TF IMB.
2) Closing the week (weekly candle) below 24800, indicating a structural break and adding negativity to the market. This would result in a spill of Bitcoin to the 1D IMB (22189-23889).
With a clear mind, we head into the weekend and await the opening of Monday!
Good luck and profits to everyone!
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