Who Crashed Bitcoin? (You might be surprised by the answer...)
Who Crashed Bitcoin?
There is a lot to unpack on today's video.
1:30 - First, Bitcoin broke the strong $8,000 level that we were looking at as a potential place to long.
6:10 We have now retested the 61.8% fibonacci level, which is $7,400 from the swing low of $3,200 to $14,000.
8:44 Valuable lessons I learned from longing the $8,000 level.
Unknown Miner outflows of USD saw a massive spike today (which could possibly account for the liquidation levels.)
10:50 We also saw significant long liquidations as price broke down to the $7,400 zone.
13:33 What is Contango and why is it important for Bitcoin? In futures, commercial operations use futures markets to lock in profit and buy 'contracts' to exchange at a certain value in the future to maintain their profitability.
15:49 I also covered a very unique tool that measures miner capitulation and gives warning signs and ideal buy zones.
Let me know what you guys think!
Here is the thread on miner out flows and capitulation:
https://twitter.com/eliasimos/status/1197246438868234245?s=20
Here is the investopedia definition of Contango to learn:
https://www.investopedia.com/terms/c/contango.asp
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