The trader’s plan of the past week has deviated slightly to the downside, but seems to be going well. We had to wait for all the signals to come together, and once they did, it seemed to be going according to plan!
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Summary of the trader’s plan
Last week, we were looking for a short-term buy to catch the liquidations!
However, the market went a little lower than expected. No problem, because if you’d waited for the indicators, you shouldn’t have screwed up too badly! What we also had to succeed in observing, and which I hadn’t mentioned, was that we also had to liquidate the leverage on Ethereum. We only managed to do this in the second phase! At least now it’s done, and we can see the reaction when the markets open. A nice big pump.
How far do we go with the Uptober ?
So, already, in the short term, we’re going to have a bearish comeback, inevitably! We need a breather to continue. This can be seen on several charts, including the orderflow!
Orderflow Bitcoin
It’s not lying, it’s getting very close to its top zone in purple. So we’re close to the limit for a reversal on this side! However, what’s true in the short term is not necessarily true over several days. You only have to look at what’s happening on the altcoins to see another crucial piece of information!
Orderflow of altcoins
Incredibly, despite a strong liquidation by sellers, we should be seeing a positive trend in funding, but in this case, it’s negative funding! Combined with a rise in Open Interests on these, we can deduce that people are firmly shorting altcoins on this rise. This is a godsend for buyers, who can take advantage of this fresh blood to keep pushing forward.
Liquidation mapping
The liquidations speak for themselves: in the short term, we may go a little lower to calm things down, but what’s certain is that the upside is coming, given the high sell-side liquidations up to $28500. Expect to see this price again this week!
Conclusion
The target is pretty clear, already present on the first image and on last week’s analysis, it would seem that $28,750 is the highest target for this week. A liquidation cascade could take place, but it’s not visible on the mapping!
A rather bullish week this profile, it’s already off to a good start, but should gain momentum with sellers on altcoins gaining momentum. The trader’s plan was pretty good, we just had to wait for the right entry point. Patience is always the key!
I hope you enjoyed it. See you next week for a new AT article! Have a great week.
Entrepreneur & Dad, passionate about cryptocurrencies, I describe for you the technical analysis. Cofounder of Cryptocademia, a free platform to learn all you want/can about blockchain ! Meet you there at https://www.cryptocademia.com
My job: look at charts and interpret them for you.
Beware, I do not know all the truths.
